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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~~September 3130, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-37709

AXOS FINANCIAL, INC.

(Exact name of registrant as specified in its charter)


Delaware						33-0867444
(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 class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.01 par value	AX	New 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 filer	☒	Accelerated 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,~~373~~644,~~090~~002 shares of common stock, $0.01 par value per share, as of ~~April~~October 1817, 2025.

Table of Contents

AXOS FINANCIAL, INC.

INDEX

			Page
PART I – FINANCIAL INFORMATION			1
ITEM 1. FINANCIAL STATEMENTS			1
Condensed Consolidated Balance Sheets (unaudited)			1
Condensed Consolidated Statements of Income (unaudited)			2
Condensed Consolidated Statements of Comprehensive Income (unaudited)			3
Condensed Consolidated Statements of Stockholders’ Equity (unaudited)			4
Condensed Consolidated Statements of Cash Flows (unaudited)			65
Notes to Condensed Consolidated Financial Statements (unaudited)			86
1. Summary of Significant Accounting Policies			86
2. Fair Value			10
2. Acquisitions			8
3. Available-for-Sale Securities			14
3. Fair Value			10
4. Loans & Allowance for Credit Losses			16
4. Available-for-Sale Securities			14
5. Derivatives			21
5. Loans & Allowance for Credit Losses			16
6. Offsetting of Derivatives and Securities Financing Agreements			22
6. Derivatives			21
7. Stockholders’ Equity and Stock-Based Compensation			23
7. Offsetting of Derivatives and Securities Financing Agreements			22
8. Earnings per Common Share			25
8. Stockholders’ Equity and Stock-Based Compensation			23
9. Commitments and Contingencies			25
9. Earnings per Common Share			24
10. Segment Reporting and Revenue Information			26
10. Commitments and Contingencies			25
11. Borrowings, Subordinated Notes and Debentures			28
11. Segment Reporting and Revenue Information			26
12. Other Assets			28
12. Borrowings, Subordinated Notes and Debentures			27
13. Other Assets			28
14. Variable Interest Entities			28
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			30
USE OF NON-GAAP MEASURES			32
SELECTED FINANCIAL INFORMATION			3433
RESULTS OF OPERATIONS			3635
SEGMENT RESULTS			4138
FINANCIAL CONDITION			4339
LIQUIDITY			4642
CAPITAL RESOURCES AND REQUIREMENTS			4743
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			4845
ITEM 4. CONTROLS AND PROCEDURES			5147
PART II – OTHER INFORMATION			5248
ITEM 1. LEGAL PROCEEDINGS			5248
ITEM 1A. RISK FACTORS			5248
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES			5248
ITEM 3. DEFAULTS UPON SENIOR SECURITIES			5248
ITEM 4. MINE SAFETY DISCLOSURES			5248
ITEM 5. OTHER INFORMATION			5248
ITEM 6. EXHIBITS			5349
SIGNATURES			5450

Table of Contents

PART I – FINANCIAL INFORMATION

ITEM 1.FINANCIAL STATEMENTS

AXOS FINANCIAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Dollars in thousands, except par value)	~~March~~September 3130, 2025		June 30, ~~2024~~2025
ASSETS
Cash and cash equivalents	$	2,~~001~~560,~~321~~692	$	1,~~979~~933,~~979~~845
Restricted cash	~~256~~324,~~373~~903		~~205~~242,~~797~~509
Total cash, cash equivalents and restricted cash	2,~~257~~885,~~694~~595		2,~~185~~176,~~776~~354
Trading securities	~~346~~533		~~353~~649
Available-for-sale securities	7957,~~958~~798		~~141~~66,~~611~~008
Stock of regulatory agencies	35,299		2135,~~957~~163
Loans held for sale, carried at fair value	1512,~~644~~202		1610,~~482~~012
Loans—net of allowance for credit losses of $279,950 as of March 31, 2025 and $260,542 as of June 30, 2024	20,193,630		19,231,385
Loans—net of allowance for credit losses of $307,431 as of September 30, 2025 and $290,049 as of June 30, 2025	22,635,137		21,049,610
Servicing rights, carried at fair value	2726,~~585~~243		2827,~~924~~218
Securities borrowed	91182,~~915~~518		67139,~~212~~396
Customer, broker-dealer and clearing receivables	~~300~~263,~~907~~095		~~240~~252,~~028~~720
Goodwill and other intangible assets—net	~~135~~205,~~966~~747		~~141~~134,~~769~~502
Other assets	~~842~~1,~~210~~127,650		~~779~~891,~~837~~446
TOTAL ASSETS	$	2327,~~981~~431,~~154~~817	$	2224,~~855~~783,~~334~~078
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Non-interest-bearing	$	23,~~969~~387,~~634~~318	$	23,~~975~~040,~~631~~696
Interest bearing	1718,~~167~~877,~~080~~435		1617,~~383~~788,~~586~~847
Total deposits	2022,~~136~~264,~~714~~753		1920,~~359~~829,~~217~~543
Advances from the Federal Home Loan Bank	60,000		9060,000
Borrowings, subordinated notes and debentures	377,427		325,679
Secured financings	782,423		—
Securities loaned	111,094		74,177
Borrowings, subordinated notes and debentures	510,064		312,671
Customer, broker-dealer and clearing payables	314,399		301,127
Securities loaned	204,620		139,426
Accounts payable and other liabilities	377,620		414,538
Customer, broker-dealer and clearing payables	385,821		350,606
Total liabilities	21,377,254		20,564,738
Accounts payable and other liabilities	431,015		410,155
COMMITMENTS AND CONTINGENCIES (Note 9)
Total liabilities	24,638,696		22,102,401
COMMITMENTS AND CONTINGENCIES (Note 10)
STOCKHOLDERS’ EQUITY:
Common stock—$0.01 par value; 150,000,000 shares authorized; 70,813,637 shares issued and 56,865,524 shares outstanding as of March 31, 2025; 70,221,632 shares issued and 56,894,565 shares outstanding as of June 30, 2024	708		702
Common stock—$0.01 par value; 150,000,000 shares authorized; 71,356,152 shares issued and 56,643,547 shares outstanding as of September 30, 2025; 71,101,642 shares issued and 56,483,617 shares outstanding as of June 30, 2025	714		711
Additional paid-in capital	~~539~~557,~~905~~740		~~510~~548,~~232~~895
Accumulated other comprehensive income (loss)—net of income tax	~~1,113~~64		~~(2,466)~~348
Retained earnings	2,~~507~~730,~~850~~877		2,~~185~~618,~~617~~525
Treasury stock, at cost; 13,948,113 shares as of March 31, 2025 and 13,327,067 shares as of June 30, 2024	(445,676)		(403,489)
Treasury stock, at cost; 14,712,605 shares as of September 30, 2025 and 14,618,025 shares as of June 30, 2025	(496,274)		(487,802)
Total stockholders’ equity	2,~~603~~793,~~900~~121		2,~~290~~680,~~596~~677
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2327,~~981~~431,~~154~~817	$	2224,~~855~~783,~~334~~078

See accompanying notes to the condensed consolidated financial statements.

Table of Contents

AXOS FINANCIAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

Three Months Ended

~~Nine Months Ended~~

March 31,

September 30,

(Dollars in thousands, except earnings per common share)

2025

2024

~~2025~~

~~2024~~

INTEREST AND DIVIDEND INCOME:

Loans, including fees

~~394~~429,~~777~~575

~~405~~438,~~280~~229

~~1,243,874~~

~~1,090,106~~

Securities borrowed and customer receivables

6,~~072~~777

56,~~701~~271

~~18,793~~

~~16,163~~

Investments and other

3129,~~873~~384

3239,~~583~~762

~~110,385~~

~~95,910~~

Total interest and dividend income

~~432~~465,~~722~~736

~~443~~484,~~564~~262

~~1,373,052~~

~~1,202,179~~

INTEREST EXPENSE:

Deposits

~~152~~169,~~694~~364

~~176~~187,~~737~~269

~~510,822~~

~~483,028~~

Advances from the Federal Home Loan Bank

~~306~~313

~~735~~529

~~1,342~~

~~1,794~~

Securities loaned

~~333~~285

~~376~~540

~~1,353~~

~~1,835~~

Other borrowings

34,~~925~~724

43,~~110~~876

~~11,924~~

~~14,155~~

Total interest expense

~~157~~174,~~258~~686

~~181~~192,~~958~~214

~~525,441~~

~~500,812~~

Net interest income

~~275~~291,~~464~~050

~~261~~292,~~606~~048

~~847,611~~

~~701,367~~

Provision for credit losses

1417,~~500~~255

614,000

~~40,748~~

~~26,500~~

Net interest income, after provision for credit losses

~~260~~273,~~964~~795

~~255~~278,~~606~~048

~~806,863~~

~~674,867~~

NON-INTEREST INCOME:

Broker-dealer fee income

1210,~~121~~948

1211,~~087~~060

~~34,220~~

~~37,083~~

Advisory fee income

8,~~120~~525

87,~~105~~945

~~24,047~~

~~23,686~~

Banking and service fees

10,~~254~~820

8,~~876~~613

~~28,680~~

~~27,287~~

Mortgage banking and servicing rights income

1,~~499~~395

~~2,180~~450

~~152~~

~~6,811~~

Prepayment penalty fee income

~~1,379~~652

~~1,915~~541

~~2,682~~

~~4,535~~

Gain on acquisition

—

92,397

Total non-interest income

32,340

28,609

Total non-interest income

33,373

33,163

89,781

191,799

NON-INTEREST EXPENSE:

Salaries and related costs

7476,~~677~~605

6774,~~419~~293

~~223,067~~

~~182,113~~

Data and operational processing

2122,~~776~~057

18,~~243~~985

~~60,075~~

~~52,653~~

Depreciation and amortization

68,~~847~~341

7,~~221~~450

~~21,328~~

~~19,587~~

Advertising and promotional

1112,~~437~~207

1014,~~282~~253

~~36,735~~

~~30,451~~

Professional services

813,~~243~~333

9,~~073~~895

~~27,210~~

~~24,860~~

Occupancy and equipment

4,~~645~~620

4,~~254~~318

~~13,169~~

~~12,101~~

FDIC and regulatory fees

75,~~620~~619

5,~~232~~956

~~20,568~~

~~13,616~~

Broker-dealer clearing charges

4,~~177~~203

4,~~459~~307

~~12,783~~

~~14,419~~

General and administrative expense

69,~~839~~261

78,~~045~~008

~~24,111~~

~~25,773~~

Total non-interest expense

~~146~~156,~~261~~246

~~133~~147,~~228~~465

~~439,046~~

~~375,573~~

INCOME BEFORE INCOME TAXES

~~148~~149,~~076~~889

~~155~~159,~~541~~192

~~457,598~~

~~491,093~~

INCOME TAXES

4237,~~870~~537

4446,~~821~~852

~~135,365~~

~~145,957~~

NET INCOME

~~105~~112,~~206~~352

~~110~~112,~~720~~340

~~322,233~~

~~345,136~~

Basic earnings per common share

1.8499

1.9497

~~5.65~~

~~5.98~~

Diluted earnings per common share

1.8194

1.9193

~~5.55~~

~~5.88~~

See accompanying notes to the condensed consolidated financial statements.

Table of Contents

AXOS FINANCIAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

Three Months Ended

~~Nine Months Ended~~

March 31,

September 30,

(Dollars in thousands)

2025

2024

~~2025~~

~~2024~~

NET INCOME

~~105~~112,~~206~~352

~~110~~112,~~720~~340

~~322,233~~

~~345,136~~

Net unrealized gain (loss) from available-for-sale securities, net of income tax

~~588~~254

~~855~~1,319

~~1,123~~

~~3,546~~

Net unrealized gain (loss) on cash flow hedges, net of income tax

(~~2,482~~538)

—382

~~2,456~~

—

Other comprehensive income (loss)

(~~1,894~~284)

~~855~~1,701

~~3,579~~

~~3,546~~

COMPREHENSIVE INCOME

~~103~~112,~~312~~068

~~111~~114,~~575~~041

~~325,812~~

~~348,682~~

See accompanying notes to the condensed consolidated financial statements.

Table of Contents

AXOS FINANCIAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

			For the Three Months Ended March 31, 2025
			For the Three Months Ended September 30, 2025
	Common Stock					Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss), Net of Income Tax		Retained Earnings		TreasuryStock		Total
		Number of Shares
(Dollars in thousands)			Issued	Treasury	Outstanding											Amount
BALANCE—December 31, 2024			70,571,332	(13,473,700)	57,097,632	$	706	$	528,862	$	3,007	$	2,402,644	$	(413,257)		$	2,521,962
BALANCE—June 30, 2025			71,101,642	(14,618,025)	56,483,617	$	711	$	548,895	$	348	$	2,618,525	$	(487,802)		$	2,680,677
Net income			—	—	—	—		—		—		~~105~~112,~~206~~352		—			~~105~~112,~~206~~352
Other comprehensive income (loss)			—	—	—	—		—		(~~1,894~~284)		—		—			(~~1,894~~284)
Purchase of treasury stock			—	(434,327)	(434,327)	—		—		—		—		(27,870)			(27,870)
Stock-based compensation activity			254,510	(94,580)	159,930	3		8,845		—		—		(8,472)			376
Stock-based compensation activity			242,305	(40,086)	202,219	2		11,043		—		—		(4,549)			6,496
BALANCE—September 30, 2025			71,356,152	(14,712,605)	56,643,547	$	714	$	557,740	$	64	$	2,730,877	$	(496,274)		$	2,793,121
BALANCE—March 31, 2025			70,813,637	(13,948,113)	56,865,524	$	708	$	539,905	$	1,113	$	2,507,850	$	(445,676)		$	2,603,900

AXOS FINANCIAL, INC.

			For the Nine Months Ended March 31, 2025
	Common Stock					Additional Paid-in Capital		AccumulatedOtherComprehensiveIncome (Loss),Net of Income Tax		Retained Earnings		TreasuryStock		Total
		Number of Shares
(Dollars in thousands)			Issued	Treasury	Outstanding											Amount
BALANCE—June 30, 2024			70,221,632	(13,327,067)	56,894,565	$	702	$	510,232	$	(2,466)	$	2,185,617	$	(403,489)		$	2,290,596
Net income			—	—	—	—		—		—		322,233		—			322,233
Other comprehensive income (loss)			—	—	—	—		—		3,579		—		—			3,579
Purchase of treasury stock			—	(434,327)	(434,327)	—		—		—		—		(27,870)			(27,870)
Stock-based compensation activity			592,005	(186,719)	405,286	6		29,673		—		—		(14,317)			15,362
BALANCE—March 31, 2025			70,813,637	(13,948,113)	56,865,524	$	708	$	539,905	$	1,113	$	2,507,850	$	(445,676)		$	2,603,900

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)



			For the Three Months Ended September 30, 2024
	Common Stock					Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss), Net of Income Tax		Retained Earnings		Treasury Stock		Total
		Number of Shares
(Dollars in thousands)			Issued	Treasury	Outstanding											Amount
BALANCE—June 30, 2024			70,221,632	(13,327,067)	56,894,565	$	702	$	510,232	$	(2,466)	$	2,185,617	$	(403,489)		$	2,290,596
Net income			—	—	—	—		—		—		112,340		—			112,340
Other comprehensive income (loss)			—	—	—	—		—		1,701		—		—			1,701

Stock-based compensation activity			340,701	(143,050)	197,651	4		10,563		—		—		(9,476)			1,091
BALANCE—September 30, 2024			70,562,333	(13,470,117)	57,092,216	$	706	$	520,795	$	(765)	$	2,297,957	$	(412,965)		$	2,405,728

See accompanying notes to the condensed consolidated financial statements.

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AXOS FINANCIAL, INC.


AXOS FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
	Three Months Ended
	September 30,
(Dollars in thousands)	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	112,352	$	112,340
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	8,341		7,450
Other accretion and amortization	(21,699)		(37,358)
Stock-based compensation expense	10,826		10,239
Trading activity	116		(241)
Provision for credit losses	17,255		14,000
Deferred income taxes	38,919		464
Origination of loans held for sale	(47,122)		(69,570)
Unrealized and realized gains on loans held for sale	(783)		(2,881)
Proceeds from sale of loans held for sale	44,922		74,532
Change in the fair value of servicing rights	1,207		1,765

Gain on repurchase of subordinated notes	—		(604)








Net change in assets and liabilities which provide (use) cash:
Securities borrowed	(43,122)		(17,114)
Customer, broker-dealer and clearing receivables	(10,375)		(22,746)
Other assets	(52,699)		4,243
Securities loaned	65,194		21,706
Customer, broker-dealer and clearing payables	35,215		14,858
Accounts payable and other liabilities	(40,114)		(40,295)



Net cash provided by operating activities	118,433		70,788
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of available-for-sale securities	—		(16,000)
Proceeds from sale and repayment of available-for-sale securities	8,569		21,564
Purchase of stock of regulatory agencies	—		(12,446)

Net change in loans held for investment	(637,164)		(48,333)
Proceeds from sale of loans originally classified as held for investment	82,304		27,800
Proceeds from sale of other real estate owned and repossessed assets	260		2,202


Acquisition of business, net of cash acquired	(474,448)		—

Purchases of furniture, equipment, software and intangibles	(9,149)		(17,770)
Purchases of other investments	(3,826)		(2,558)
Distributions received from other investments	75		—



Net cash used in investing activities	(1,033,379)		(45,541)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in deposits	1,435,210		614,112




Payments related to settlement of restricted stock units	(8,473)		(9,476)

Repurchase of subordinated notes	—		(11,803)
Payment of debt issuance costs	(2,550)		—
Proceeds from issuance of subordinated notes	200,000		—











Net cash provided by financing activities	1,624,187		592,833

NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	709,241		618,080
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Beginning of year	$	2,176,354	$	2,185,776
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—End of period	$	2,885,595	$	2,803,856
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid on interest-bearing liabilities	173,499		192,306
Income taxes paid	79,736		40,158
Transfers to other real estate and repossessed vehicles from loans held for investment	493		585
Transfers from loans held for investment to loans held for sale	82,279		28,140
Transfers from loans held for sale to loans held for investment	537		—
Operating lease liabilities from obtaining right of use assets	—		212
Non-cash Contingent Consideration	30,810		—

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

			For the Three Months Ended March 31, 2024
	Common Stock					Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss), Net of Income Tax		Retained Earnings		TreasuryStock		Total
		Number of Shares
(Dollars in thousands)			Issued	Treasury	Outstanding											Amount
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 activity			204,814	(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 Stock					Additional Paid-in Capital		AccumulatedOtherComprehensiveIncome (Loss),Net of Income Tax		Retained Earnings		TreasuryStock		Total
		Number of Shares
(Dollars in thousands)			Issued	Treasury	Outstanding											Amount
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 activity			568,077	(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.

Table of Contents

AXOS FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
	Nine Months Ended
	March 31,
(Dollars in thousands)	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	322,233	$	345,136
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	21,328		19,587
Other accretion and amortization	(83,131)		(37,917)
Stock-based compensation expense	30,772		22,616
Trading activity	7		166
Provision for credit losses	40,748		26,500
Deferred income taxes	(14,819)		(15,005)
Origination of loans held for sale	(157,358)		(144,731)
Unrealized and realized gains on loans held for sale	(2,194)		(6,089)
Proceeds from sale of loans held for sale	151,834		154,892
Change in the fair value of servicing rights	1,894		(1,803)
Gain on FDIC Loan Purchase	—		(92,397)
Gain on repurchase of subordinated notes	(604)		(742)
Net change in assets and liabilities which provide (use) cash:
Securities borrowed	(24,703)		28,486
Customer, broker-dealer and clearing receivables	(60,879)		81,444
Other assets	66,565		(26,623)
Securities loaned	36,917		(40,032)
Customer, broker-dealer and clearing payables	13,272		(58,301)
Accounts payable and other liabilities	(34,903)		13,319
Net cash provided by operating activities	306,979		268,506
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of available-for-sale securities	(22,382)		(9,612)
Proceeds from sale and repayment of available-for-sale securities	85,771		39,391
Purchase of stock of regulatory agencies	(12,446)		—
Net change in loans held for investment	(1,129,182)		(1,322,634)
Proceeds from sale of loans originally classified as held for investment	230,606		—
Proceeds from sale of other real estate owned and repossessed assets	1,419		4,401
Purchase of BOLI policies	(100,000)		—
Purchase of loans and leases, net of discounts and premiums	(1,100)		(841,408)
Purchases of furniture, equipment, software and intangibles	(32,421)		(25,473)
Purchases of other investments	(12,638)		(8,304)
Distributions received from other investments	81		1,508
Net cash used in investing activities	(992,292)		(2,162,131)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in deposits	777,497		1,980,424
Repayments of the Federal Home Loan Bank term advances	(30,000)		—
Net (repayment) proceeds of other borrowings	63,500		(27,200)
Payments related to settlement of restricted stock units	(16,094)		(8,383)
Purchase of treasury stock	(25,869)		(83,178)
Repurchase of subordinated notes	(11,803)		(4,213)
Net cash provided by financing activities	757,231		1,857,450

Table of Contents

AXOS FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
	Nine Months Ended
	March 31,
(Dollars in thousands)	2025		2024
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	71,918		(36,175)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Beginning of year	$	2,185,776	$	2,382,086
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—End of period	$	2,257,694	$	2,345,911
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid on interest-bearing liabilities	524,064		502,364
Income taxes paid	141,817		144,086
Transfers to other real estate and repossessed vehicles from loans held for investment	4,752		4,118
Transfers from loans held for investment to loans held for sale	235,134		—
Transfers from loans held for sale to loans held for investment	12,530		2,783
Operating lease liabilities from obtaining right of use assets	3,010		5,767
Non-cash LIHTC investments	—		24,888

See accompanying notes to the condensed consolidated financial statements.

Table of Contents

AXOS FINANCIAL, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTH ~~AND NINE MONTH~~ PERIODS ENDED ~~MARCH~~SEPTEMBER 3130, 2025 AND 2024

(Unaudited)

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The condensed consolidated financial statements include the accounts of Axos Financial, Inc. and its wholly owned subsidiaries (“Axos” or the “Company”). Axos Bank (the “Bank”), its wholly owned subsidiaries, the activities of ~~two~~three lending-related trust entities and certain other lending activity constitute the Banking Business Segment, and Axos Securities, LLC 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. On December 7, 2023, the Company acquired from the Federal Deposit Insurance Corporation (“FDIC”) two loan portfolios with an aggregate unpaid principal balance of $1.3 billion at a 37% discount to par. For additional information on the “FDIC Loan Purchase,” see Note 2—“Acquisitions” in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, ~~2024~~2025 (“~~2024~~2025 Form 10-K”) filed with the Securities and Exchange Commission (“SEC”).

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~~September 3130, 2025 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 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, ~~2024~~2025 included in the ~~2024~~2025 Form 10-K.

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 ~~2024~~2025 Form 10-K. During the ~~nine~~three months ended ~~March~~September 3130, 2025, 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.

Stock of Regulatory Agencies. The Bank is a member of the Federal Home Loan Bank (“FHLB”) system and the Federal Reserve System (the “Federal Reserve”). FHLB members are required to own a certain amount of FHLB stock based on the level of borrowings and other factors while Federal Reserve members are required to own a certain amount of Federal Reserve Bank stock based on the member’s equity capital and surplus. FHLB and Federal Reserve Bank stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Additionally, Axos Clearing, LLC is a member of the Depository Trust & Clearing Corporation (“DTCC”), a financial services company providing clearing and settlement services to the financial markets. Members are required to own a certain amount of DTCC stock based on the clearing levels and other factors. DTCC stock is valued based on information provided by the DTCC, classified as a restricted security, and periodically evaluated for impairment based on the ultimate recovery of carrying value.

Comprehensive Income. Comprehensive income consists of net income and other comprehensive income (“OCI”). OCI includes unrealized gains and losses on available-for-sale securities and gains and losses on derivatives in designated cash flow hedge accounting relationships.

Derivatives. Commitments to fund mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as freestanding derivatives. The Company enters into forward commitments for the future delivery of mortgage loans when interest rate locks are entered into, in order to economically hedge the change in interest rates resulting from its commitments to fund the loans. Changes in the fair values of these derivatives are included in “Mortgage banking and servicing rights income” on the condensed Consolidated Statements of Income.

The Company makes markets in interest rate swap and cap derivatives to facilitate customer demand. The Company enters into offsetting derivative transactions to offset its interest rate risk associated with this customer transaction activity. The

Table of Contents

Company acquired as part of the FDIC Loan Purchase certain customer-facing interest rate derivatives and related market-facing derivatives which offset the Company’s interest rate risk. For additional information on these derivatives see Note 2— “Acquisitions” in the 2024 Form 10-K and Note 5— “Derivatives.” Changes in the fair values of these derivatives, and related fees, are included in “Banking and service fees” on the condensed Consolidated Statements of Income.

Additionally, the Company applies hedge accounting to certain derivative instruments for interest rate risk management purposes. The Company uses such derivative instruments to hedge forecasted variable cash flows from floating-rate deposits. For designated cash flow hedges, changes in the fair value of the derivatives are initially recorded in OCI and subsequently recognized in earnings once the hedged item affects earnings. Derivative gains and losses reclassified to earnings are recognized in interest expense on the condensed Consolidated Statements of Income, consistent with the hedged floating-rate deposits.

Hedge accounting relationships, including the associated risk management objective and strategy, are formally documented at inception. Additionally, the effectiveness of hedge accounting relationships is monitored throughout the duration of the hedge period. Hedge accounting treatment is discontinued either when the derivative is terminated, when it is determined that a derivative is not expected to be, or has ceased to be, effective as a hedge or if the Company removes the cash flow hedge designation. If a hedge accounting relationship is terminated, the amount in accumulated other comprehensive income (“AOCI”) is recognized in earnings when the cash flows that were originally hedged affect earnings. However, if the original hedged transaction is deemed probable not to occur, the corresponding amount in AOCI is immediately recognized in income.

Derivative assets and liabilities are not subject to any counterparty netting and are presented at fair value on a gross basis in “Other assets” and “Accounts payable and other liabilities”, respectively, in the condensed Consolidated Balance Sheets. Cash flows related to derivative assets and liabilities are presented in “Net change in assets and liabilities which provide (use) cash-Other Assets” and “Net change in assets and liabilities which provide (use) cash-Accounts payable and other liabilities,” respectively, in the condensed Consolidated Statements of Cash Flows.

New Accounting Standards

Recently Adopted Accounting Standards

OnIn ~~July~~December 12023, ~~2024,~~ the ~~Company~~Financial ~~adopted~~ Accounting Standards ~~Update~~Board (“~~ASU~~FASB”) ~~2023-02~~issued ~~which~~Accounting ~~permits~~Standards anUpdate ~~election, if certain conditions are met, to account for tax equity investments using the proportional amortization method, which was previously limited to low-income housing tax credit~~ (“~~LIHTC~~ASU”) ~~investments. As the Company’s tax equity investments solely comprise LIHTC investments accounted for under the proportional amortization method~~2023-09, ~~there~~which ~~was~~requires nofurther ~~impact~~granularity on ~~its~~the ~~financial~~disclosure ~~condition or results~~ of ~~operations~~income ~~upon adoption. For additional information on the Company’s LIHTC investments~~taxes, ~~see Note 12 – “Other Assets.”~~including:

Accounting Standards Issued But Not Yet Adopted

In November 2023, the Financial Accounting Standards Board (“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 significant 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~~The Company adopted this standard isas ~~effective~~of ~~for~~July ~~fiscal~~1, ~~years~~2025 ~~beginning~~and ~~after~~the ~~December~~required ~~15,~~annual-only ~~2024.~~disclosures ~~The~~will be provided in the Company’s ~~does~~Annual ~~not~~Report ~~expect~~on ~~any~~Form ~~significant~~10-K for the fiscal year ended June 30, 2026. There was no impact on ~~its~~the Company’s financial condition or results of operations upon adoption.

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Accounting Standards Issued But Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, which requires disaggregation of operating expenses by relevant expense caption on the statement of income into prescribed categories, including employee compensation, depreciation and intangible asset amortization. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company does not expect any significant impact on its financial condition or results of operations upon adoption.

2In September 2025, the FASB issued ASU 2025‑06, which amends certain aspects of the accounting for and disclosure of internal-use software costs. ~~FAIR~~ ~~VALUE~~Among other things, the standard requires capitalization only after management authorizes and commits to funding a project and it is probable the project will be completed and used as intended. The standard is effective for all entities for annual reporting periods beginning after December 15, 2027, and for interim periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The Company is currently evaluating how it plans to adopt this accounting standard from the three available adoption alternatives provided in the ASU.

The following tables set forth the Company’s financial assets and liabilities measured at fair value on a recurring basis at March 31, 2025 and June 30, 2024. Assets and liabilities are classified in their entirety based on the lowest level of input significant to the fair value measurement:7

	March 31, 2025
(Dollars in thousands)		Significant OtherObservableInputs(Level 2)		SignificantUnobservableInputs(Level 3)		Total
ASSETS:
Trading securities		$	346	$	—	$	346
Available-for-sale securities:
Agency MBS		46,999		—		46,999
Non-Agency MBS		—		29,301		29,301
Municipal		3,658		—		3,658
Total—Available-for-sale securities:		$	50,657	$	29,301	$	79,958
Loans held for sale		$	15,644	$	—	$	15,644
Servicing rights		$	—	$	27,585	$	27,585
Other assets—Derivative instruments1		$	16,155	$	—	$	16,155
LIABILITIES:
Accounts payable and other liabilities—Derivative instruments		$	72,642	$	—	$	72,642
1 Other assets - Derivative instruments are presented net of $63.2 million of variation margin on centrally-cleared derivatives as of March 31, 2025.
	June 30, 2024
(Dollars in thousands)		Significant OtherObservableInputs(Level 2)		SignificantUnobservableInputs(Level 3)		Total
ASSETS:
Trading securities		$	353	$	—	$	353
Available-for-sale securities:
Agency MBS		27,259		—		27,259
Non-Agency MBS		—		110,928		110,928
Municipal		3,424		—		3,424
Total—Available-for-sale securities:		$	30,683	$	110,928	$	141,611
Loans held for sale		$	16,482	$	—	$	16,482
Servicing rights		$	—	$	28,924	$	28,924
Other assets—Derivative instruments		$	106,796	$	—	$	106,796
LIABILITIES:
Accounts payable and other liabilities—Derivative instruments		$	102,949	$	—	$	102,949

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2. ACQUISITIONS

Verdant Commercial Capital, LLC. On September 30, 2025, the Company completed the acquisition of 100% of the membership interests in Verdant Commercial Capital, LLC (“Verdant”) in an all-cash transaction, which increases the Company’s scale and enhances the Company’s existing equipment leasing business.

The following table presents the purchase price for the acquisition of Verdant as of September 30, 2025:


(Dollars in thousands)
Adjusted Verdant book value1	$	39,301
Purchase price premium paid by Axos	3,930
PURCHASE PRICE	$	43,231

1 Represents August 31, 2025 Verdant book value adjusted for certain items, including provision for credit losses and debt prepayment fees, according to the terms of the acquisition agreement.

In the transaction the Company acquired approximately $1.2 billion of loans and leases, including direct financing leases and equipment under operating lease arrangements. Total consideration for the transaction was approximately $571.8 million, comprising $500.0 million to settle certain debt of Verdant, cash of $41.0 million, and potential performance-based cash consideration (“Contingent Consideration”), which was determined to have a fair value of $30.8 million as of September 30, 2025. This Contingent Consideration can be earned over a four-year period commencing with the date of acquisition, and the potential payment of which ranges from zero to $50.0 million based on the return on equity of Verdant. This Contingent Consideration is included in “Accounts payable and other liabilities” in the Consolidated Balance Sheet. For additional information related to the Contingent Consideration, see Note 3—“Fair Value.”

Upon acquisition, the assets and liabilities of Verdant were adjusted to their respective fair values (with the exception of purchased credit deteriorated (“PCD”) assets, as further discussed below) as of the closing date of the transaction, including the identifiable intangible assets acquired. Goodwill has been recorded representing the excess of the purchase price over the fair value of the net assets acquired and is expected to be fully tax-deductible. The goodwill recognized is the result of expected synergies and operational efficiencies, among other factors, and has been assigned to the Banking Business Segment. The Company’s accounting for the acquisition has not been finalized as the Company continues to evaluate the post-closing adjustment amount, which is expected to have an insignificant effect on the value of the goodwill recognized as of September 30, 2025. The allocation will be updated, if necessary, through the measurement period, which ends no later than one year from the acquisition date.

The following table provides the Verdant preliminary purchase consideration allocation as of the date of acquisition:


(Dollars in thousands)	September 30, 2025
ASSETS:
Cash and cash equivalents	$	31,635
Restricted cash	34,924

Loans—net of allowance for credit losses of $7,795	1,020,322
Other assets1	223,842
Goodwill and other intangible assets—net	72,767

TOTAL ASSETS	$	1,383,490
LIABILITIES:
Secured financings	$	782,423
Accounts payable and other liabilities	29,250
TOTAL LIABILITIES	$	811,673
TOTAL CONSIDERATION (Including $500.0 million to settle certain debt of Verdant and $30.8 million of Contingent Consideration)	$	571,817
Amount paid to settle certain debt of Verdant, excluding $2.2 million of transaction costs included in the purchase price	(497,776)
Contingent Consideration	(30,810)
PURCHASE PRICE	$	43,231

1 Includes $212.6 million of equipment under operating lease arrangements.

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The fair value estimates used in valuing certain acquired assets and liabilities are based, in part, on inputs that are unobservable. For loans, these include, but are not limited to, forecasted future cash flows and discount rates and for equipment under operating lease arrangements, cost and market valuation approaches were utilized.

The following table details the intangible assets acquired in the acquisition:


(Dollars in thousands)	September 30, 2025		Weighted-Average Life (Years)
Vendor relationships	$	11,200	13.6
Trade name	2,600		5.0
Developed technologies	5,100		3.0
Total intangible assets acquired	$	18,900	9.6

The following valuation approaches were utilized to estimate the acquisition-date fair value for the intangible assets acquired:

•Vendor relationships: Fair value was estimated with an income approach using a multi-period excess earnings method which discounts expected future cash flows, taking into account historic customer attrition rates and contributory asset charges, among other factors.

•Trade name: Fair value was estimated with an income approach using a relief-from-royalty method which considers the hypothetical royalty rate the Company would have paid if it did not own the trade name, taking into account discounted expected future cash flows, market royalty rates and expected useful life, among other factors.

•Developed technologies: Fair value was estimated with a cost approach using a replacement cost methodology, taking into account replacement costs, among other factors.

The following table summarizes the PCD loans and leases acquired in the acquisition:


(Dollars in thousands)	September 30, 2025
Unpaid principal balance	$	211,002
Non-credit discount	(342)
Allowance for credit losses at acquisition	(7,795)
Purchase price allocated to PCD assets	$	202,865

Verdant’s results are included in the Company’s consolidated results from September 30, 2025. Verdant net revenue included in Company’s Condensed Consolidated Statement of Income for the three months ended September 30, 2025 was not significant and Verdant incurred a net loss of $5.8 million for the three months ended September 30, 2025, reflecting the post-acquisition provision for credit losses on the loans and leases acquired.

The following table shows the Company and Verdant proforma combined net interest income, non-interest income and net income. The proforma financial information presented in the table below was computed by combining the historical financial information of the Company and Verdant along with the effects of the acquisition method of accounting for business combinations as though the Company acquired Verdant on July 1, 2024. Also included in the proforma financial information are certain adjustments, including $1.3 million of acquisition-related costs, as well as adjustments related to amortization expense of the intangible assets acquired in the Verdant acquisition and the elimination of the amortization expense of Verdant’s intangible assets prior to its acquisition by the Company. The proforma information does not reflect the potential benefits of cost and funding synergies, opportunities to earn additional revenues or other factors and therefore does not represent what the actual net revenues and net income would have been had the Company actually acquired Verdant as of this date.


	Three Months Ended
(Dollars in thousands)	September 30, 2025	September 30, 2024
Net interest income	297,473	295,460
Non-interest income	35,340	31,365
Net income	104,433	106,718

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3. FAIR VALUE

The following tables set forth the Company’s financial assets and liabilities measured at fair value on a recurring basis at September 30, 2025 and June 30, 2025. Assets and liabilities are classified in their entirety based on the lowest level of input significant to the fair value measurement:


	September 30, 2025
(Dollars in thousands)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
ASSETS:
Trading securities		$	533	$	—	$	533
Available-for-sale securities:

Agency MBS		46,606		—		46,606
Non-Agency MBS		—		11,192		11,192
Municipal		—		—		—

Total—Available-for-sale securities:		$	46,606	$	11,192	$	57,798
Loans held for sale		$	12,202	$	—	$	12,202
Servicing rights		$	—	$	26,243	$	26,243
Other assets—Derivative instruments1		$	17,892	$	—	$	17,892
LIABILITIES:
Accounts payable and other liabilities—Derivative instruments		$	64,619	$	—	$	64,619
Accounts payable and other liabilities—Contingent Consideration		$	—	$	30,810	$	30,810

	June 30, 2025
(Dollars in thousands)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
ASSETS:
Trading securities		$	649	$	—	$	649
Available-for-sale securities:

Agency MBS		46,757		—		46,757
Non-Agency MBS		—		15,569		15,569
Municipal		3,682		—		3,682

Total—Available-for-sale securities:		$	50,439	$	15,569	$	66,008
Loans held for sale		$	10,012	$	—	$	10,012
Servicing rights		$	—	$	27,218	$	27,218
Other assets—Derivative instruments1		$	17,734	$	—	$	17,734
LIABILITIES:
Accounts payable and other liabilities—Derivative instruments		$	68,498	$	—	$	68,498
1 Other assets - Derivative instruments are presented net of $50.8 million and $55.4 million of variation margin on centrally-cleared derivatives as of September 30, 2025 and June 30, 2025, respectively.

The following section describes the valuation methodologies used by the Company to measure various financial instruments at fair value, including an indication of the level in the fair value hierarchy in which each instrument is generally classified. For additional information on the other valuation methodologies used by the Company, see Note 3—“Fair Value” in the 2025 Form 10-K.

Contingent Consideration. The fair value of the Contingent Consideration liability is determined using a Nelson-Siegel stochastic simulation, which models various scenarios based on business forecasts, including monthly asset growth of the Verdant business and other inputs in accordance with the terms of the agreement. The resulting simulated cash flows are then discounted to present value and averaged to determine fair value.

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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, 2025
	September 30, 2025
(Dollars in thousands)	Available-for-sale Securities:Non-Agency MBS		Servicing Rights1		Accounts payable and other liabilities—Contingent Consideration		~~Total~~		Total
Opening balance	$	4715,~~412~~569	$	2827,~~045~~218	$	—	$	~~75,457~~	$	42,787
Total gains or losses for the period:
Included in earnings—Mortgage banking and servicing rights income	—		(~~621~~1,189)		—		~~(621)~~		(1,189)
Included in other comprehensive income	~~211~~116		—		—		~~211~~		116
Purchases, retentions, issues, sales and settlements:
Purchases/Retentions	—		~~161~~214		30,810		~~161~~		31,024
Settlements	(184,~~322~~493)		—		—		~~(18,322)~~		(4,493)
Closing balance	$	2911,~~301~~192	$	2726,~~585~~243	$	30,810	$	~~56,886~~	$	68,245
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period	$	—	$	(~~621~~1,189)	$	—	$	~~(621)~~	$	(1,189)

	For the Nine Months Ended
	March 31, 2025
(Dollars in thousands)	Available-for-sale Securities:Non-Agency MBS		Servicing Rights1		Total
Opening Balance	$	110,928	$	28,924	$	139,852
Total gains or losses for the period:
Included in earnings—Mortgage banking and servicing rights income	—		(1,985)		(1,985)
Included in other comprehensive income	599		—		599
Purchases, retentions, issues, sales and settlements:
Purchases/Retentions	—		646		646
Settlements	(82,226)		—		(82,226)
Closing balance	$	29,301	$	27,585	$	56,886
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period	$	—	$	(1,985)	$	(1,985)

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, 2025, and a decrease in servicing rights value resulting from market-driven changes in interest rates of $0.8 million for the three months ended September 30, 2025. Additions to servicing rights were related to purchases and servicing rights retained upon sale of loans held for sale.

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 $1.1 million for the three and nine months ended March 31, 2025, respectively, and a decrease in servicing rights value resulting from market-driven changes in interest rates of $0.4 million for the three months ended March 31, 2025 and a decrease of $0.9 million for the nine months ended March 31, 2025. 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, 2024
(Dollars in thousands)	Available-for-sale Securities: Non-Agency MBS		Servicing Rights1		Total
Opening balance	$	110,928	$	28,924	$	139,852


Total gains or losses for the period:


Included in earnings—Mortgage banking and servicing rights income	—		(1,852)		(1,852)
Included in other comprehensive income	782		—		782
Purchases, retentions, issues, sales and settlements:
Purchases/Retentions	—		263		263


Settlements	(20,401)		—		(20,401)
Closing balance	$	91,309	$	27,335	$	118,644

Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period	$	—	$	(1,852)	$	(1,852)

	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 income	1,517		—		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)

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, 2024 and a decrease in servicing rights value resulting from market-driven changes in interest rates of $1.6 million for the three months ended September 30, 2024. Additions to servicing rights were related to purchases and servicing rights retained upon sale of loans held for sale.

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	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 income	4,708		—		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.

The table below summarizes the quantitative information about Level 3 fair value measurements:

March 31, 2025

September 30, 2025

(Dollars in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Average)1

Available-for-sale securities: Non-Agency MBS

2911,~~301~~192

Discounted Cash Flow

Projected Constant Prepayment Rate,Projected Constant Default Rate,Projected Loss Severity,Discount Rate over SOFR Swaps,Credit Enhancement

02.05 to 30.0% (1520.31%)01.05 to 39.09% (16.81%)035.0 to 68.9% (2746.26%)2.5 to 4.93% (2.68%)0.0 to 9765.36% (2341.78%)

Servicing Rights

2726,~~585~~243

Discounted Cash Flow

Projected Constant Prepayment Rate,Life (in years),Discount Rate

3.5.2 to 2628.27% (10.63%)2.32 to 1112.67 (8.69) 9.5 to 11.2% (9.8%)

Accounts payable and other liabilities—Contingent Consideration

30,810

Nelson-Siegal Stochastic Model

Monthly Asset Growth,Credit Spread

(7.4)% to 14.5% (3.6%) 2.9% to 2.9% (2.9%)

June 30, 2024

June 30, 2025

(Dollars in thousands)

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Average)1

Available-for-sale securities: Non-Agency MBS

~~110~~15,~~928~~569

Discounted Cash Flow

Projected Constant Prepayment Rate,Projected Constant Default Rate,Projected Loss Severity,Discount Rate over SOFR Swaps,Credit Enhancement

02.05 to 7230.10% (3822.04%)01.05 to 1311.79% (2.8.7%)035.0 to 68.9% (3243.94%)2.5 to 4.91% (2.57%)0.0 to 6499.90% (22.8%)

Servicing Rights

2827,~~924~~218

Discounted Cash Flow

Projected Constant Prepayment Rate,Life (in years),Discount Rate

5.52 to 9526.26% (119.87%)02.45 to 1412.98 (7.9.3) 9.5 to 11.2% (9.8%)

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 and for Accounts payable and other liabilities—Contingent Consideration.is based on annual projected consideration.

For non-agency mortgage-backed securities, a significant increase (decrease) in default rate, loss severity (potentially offset by the level of credit enhancement) or discount rate in isolation would result in a significantly lower (higher) fair value measurement, while a significant increase in the voluntary prepayment rate would result in a significant increase in fair value if the security is valued below par value, or a significant decrease in fair value if the security is valued above par value. Generally, a change in the assumptions used for the default rate is accompanied by a directionally opposite change in the assumption used for the voluntary prepayment rate.

For servicing rights, significant increases in the voluntary prepayment rate or discount rate 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 voluntary prepayment rate is accompanied by a directionally opposite change in expected life.

For the Contingent Consideration, a significant increase (decrease) in the asset growth in isolation would result in a significantly higher (lower) fair value measurement, and a significant increase (decrease) in the discount rate in isolation would result in a significantly lower (higher) fair value measurement.

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)	September 30, 2025		June 30, 2025
Aggregate fair value	$	12,202	$	10,012
Contractual balance	11,931		9,870
Unrealized gain	$	271	$	142

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(Dollars in thousands)	March 31, 2025		June 30, 2024
Aggregate fair value	$	15,644	$	16,482
Contractual balance	15,176		15,966
Unrealized gain	$	468	$	516

The total interest income and amount of gains and losses from changes in fair value included in earnings for loans held for sale, carried at fair value, were:

For the Three Months Ended March 31,

For the Nine Months Ended March 31,

For the Three Months Ended September 30,

(Dollars in thousands)

2025

2024

~~2025~~

~~2024~~

Interest income

~~212~~181

~~208~~288

~~749~~

~~538~~

Change in fair value

~~227~~540

~~118~~17

~~(140)~~

Total

~~439~~721

~~326~~305

~~609~~

~~560~~

Fair Value of Financial Instruments

Carrying amounts and estimated fair values of financial instruments at ~~March~~September 3130, 2025 and June 30, ~~2024~~2025 were:

	March 31, 2025
	September 30, 2025
			Fair Value
(Dollars in thousands)	CarryingAmount		Level 1		Level 2		Level 3		Total Fair Value
Financial assets:
Cash, cash equivalents and restricted cash	$	2,~~257~~885,~~694~~595	$	2,~~257~~885,~~694~~595	$	—	$	—	$	2,~~257~~885,~~694~~595
Trading securities	~~346~~533		—		~~346~~533		—		~~346~~533
Available-for-sale securities	7957,~~958~~798		—		5046,~~657~~606		2911,~~301~~192		7957,~~958~~798
Stock of regulatory agencies	35,299		—		35,299		—		35,299
Loans held for sale, at fair value	1512,~~644~~202		—		1512,~~644~~202		—		1512,~~644~~202
Loans held for investment—net	2022,~~193~~635,~~630~~137		—		—		2022,~~410~~879,~~588~~586		2022,~~410~~879,~~588~~586
Securities borrowed	91182,~~915~~518		—		—		91180,~~077~~783		91180,~~077~~783
Customer, broker-dealer and clearing receivables	~~300~~263,~~907~~095		—		—		~~298~~261,~~983~~446		~~298~~261,~~983~~446
Servicing rights	2726,~~585~~243		—		—		2726,~~585~~243		2726,~~585~~243
Other assets - derivative instruments1	1617,~~155~~892		—		1617,~~155~~892		—		1617,~~155~~892
Financial liabilities:
Total deposits	2022,~~136~~264,~~714~~753		—		1921,~~826~~943,~~536~~152		—		1921,~~826~~943,~~536~~152
Advances from the Federal Home Loan Bank	60,000		—		5657,~~212~~203		—		5657,~~212~~203
Borrowings, subordinated notes and debentures	377,427		—		346,212		—		346,212
Secured financings	782,423		—		782,423		—		782,423
Securities loaned	111,094		—		—		110,529		110,529
Borrowings, subordinated notes and debentures	510,064		—		490,626		—		490,626
Customer, broker-dealer and clearing payables	314,399		—		—		314,399		314,399
Securities loaned	204,620		—		—		203,553		203,553
Accounts payable and other liabilities - derivative instruments	72,642		—		72,642		—		72,642
Customer, broker-dealer and clearing payables	385,821		—		—		385,821		385,821
Accounts payable and other liabilities - derivative instruments	64,619		—		64,619		—		64,619
Accounts payable and other liabilities—Contingent Consideration	30,810		—		—		30,810		30,810

1 Other Assets - Derivative Assets are presented net of $63.2 million of variation margin on centrally-cleared derivatives as of March 31, 2025.

Table of Contents

June 30, 2024

June 30, 2025

Fair Value

(Dollars in thousands)

CarryingAmount

Level 1

Level 2

Level 3

Total Fair Value

Financial assets:

Cash, cash equivalents and restricted cash

2,~~185~~176,~~776~~354

—

2,~~185~~176,~~776~~354

Trading securities

~~353~~649

—

~~353~~649

—

~~353~~649

Available-for-sale securities

~~141~~66,~~611~~008

—

3050,~~683~~439

~~110~~15,~~928~~569

~~141~~66,~~611~~008

Stock of regulatory agencies

2135,~~957~~163

—

2135,~~957~~163

—

2135,~~957~~163

Loans held for sale, at fair value

1610,~~482~~012

—

1610,~~482~~012

—

1610,~~482~~012

Loans held for investment—net

1921,~~231~~049,~~385~~610

—

1921,~~209~~288,~~442~~921

Securities borrowed

67139,~~212~~396

—

71138,~~480~~103

Customer, broker-dealer and clearing receivables

~~240~~252,~~028~~720

—

~~249~~251,~~317~~126

Servicing rights

2827,~~924~~218

—

2827,~~924~~218

Other assets - derivative instruments

106,796

—

106,796

—

106,796

Other assets - derivative instruments1

17,734

—

17,734

—

17,734

Financial liabilities:

Total deposits

1920,~~359~~829,~~217~~543

—

1920,~~217~~642,~~281~~953

—

1920,~~217~~642,~~281~~953

Advances from the Federal Home Loan Bank

9060,000

—

8456,~~201~~934

—

8456,~~201~~934

Borrowings, subordinated notes and debentures

~~325~~312,~~679~~671

—

~~302~~285,~~487~~282

—

~~302~~285,~~487~~282

Securities loaned

74139,~~177~~426

—

74138,~~021~~698

Customer, broker-dealer and clearing payables

~~301~~350,~~127~~606

—

~~301~~350,~~127~~606

Accounts payable and other liabilities - derivative instruments

~~102~~68,~~949~~498

—

~~102~~68,~~949~~498

—

~~102~~68,~~949~~498

~~The~~1 ~~carrying~~Other ~~amount~~assets ~~represents~~- ~~the~~derivative ~~estimated~~assets ~~fair~~are ~~value~~presented ~~for~~net ~~cash,~~of ~~cash~~$50.8 million ~~equivalents~~ and ~~restricted~~$55.4 million ~~cash, stock~~ of ~~regulatory~~variation ~~agencies,~~margin ~~interest-bearing~~on ~~deposits, accrued interest receivable and payable, demand deposits, short~~centrally-~~term~~cleared ~~debt,~~derivatives ~~and~~as ~~variable~~of ~~rate~~September ~~loans or deposits that reprice frequently and fully. For fixed rate loans~~30, ~~deposits,~~2025 ~~borrowings or subordinated debt~~ and ~~for~~June ~~variable rate loans~~30, ~~deposits~~2025, ~~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~~respectively. 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” in the 2024 Form 10-K. The fair value of off-balance sheet items is not considered material.

3The carrying amount represents the estimated fair value for cash, cash equivalents and restricted cash, 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. ~~AVAILABLE~~ 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~~for-~~SALE~~sale ~~SECURITIES~~securities, loans held for sale and derivatives can be found in Note 3—“Fair Value” in the 2025 Form 10-K. The fair value of off-balance sheet items is not considered material.

4. AVAILABLE-FOR-SALE SECURITIES

The amortized cost and fair value of available-for-sale securities were:

March 31, 2025

September 30, 2025

(Dollars in thousands)

AmortizedCost

UnrealizedGains

UnrealizedLosses

FairValue

Mortgage-backed securities (MBS):

Agency1

4847,~~725~~845

~~260~~389

(1,~~986~~628)

46,~~999~~606

Non-agency2

289,~~432~~901

~~959~~1,330

(9039)

2911,~~301~~192

Total mortgage-backed securities

7757,~~157~~746

1,~~219~~719

(21,~~076~~667)

7657,~~300~~798

Municipal

3,890

—

(232)

3,658

Total available-for-sale securities

57,746

1,719

(1,667)

57,798

Total available-for-sale securities

81,047

1,219

(2,308)

79,958

June 30, 2025

June 30, 2024

(Dollars in thousands)

AmortizedCost

UnrealizedGains

UnrealizedLosses

FairValue

Mortgage-backed securities (MBS):

Agency1

2948,~~835~~229

83327

(21,~~659~~799)

2746,~~259~~757

Non-agency2

~~110~~14,~~658~~395

~~838~~1,232

(~~568~~58)

~~110~~15,~~928~~569

Total mortgage-backed securities

~~140~~62,~~493~~624

~~921~~1,559

(31,~~227~~857)

~~138~~62,~~187~~326

Municipal

3,~~788~~682

—

~~(364)~~—

3,~~424~~682

Total available-for-sale securities

~~144~~66,~~281~~306

~~921~~1,559

(31,~~591~~857)

~~141~~66,~~611~~008

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 prime, Alt-A or pay-option adjustable rate mortgages.

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The Company evaluates available-for-sale securities in an unrealized loss position based on an analysis of a number of factors, including, but not limited to: (1) the credit characteristics of the securities, such as the forecasted cash flows, credit ratings, credit enhancement, and government agency or government-sponsored enterprise backing, as applicable,; and (2) whether the Company intends to sell or will be required to sell any of the securities before recovering the amortized cost basis. Based on its analysis, the Company determined the unrealized losses on available-for-sale securities are primarily driven by the increase in interest rates since the securities were purchased, and, accordingly, no credit losses were recognized on available-for-sale securities in the three ~~and nine~~ months ended ~~March~~September 3130, 2025 and ~~March~~September 3130, 2024. There was no amount in the allowance for credit losses for available-for-sale securities at ~~March~~September 3130, 2025 and June 30, ~~2024~~2025.

The face amounts of available-for-sale securities pledged to secure borrowings were $0.76 million and $0.86 million as of ~~March~~September 3130, 2025 and June 30, ~~2024~~2025.

There were no sales of available-for-sale securities during the three months ~~and nine months~~ ended ~~March~~September 3130, 2025. ~~There were no available-for-sale security sales for the three months ended March 31, 2024. The Company sold a $4.8 million available-for-sale security for the nine months ended March 31, 2024.~~

Securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were:

	March 31, 2025
	September 30, 2025
	Available-for-sale securities in loss position for
	Less Than12 Months				More Than12 Months				Total
(Dollars in thousands)	FairValue		GrossUnrealizedLosses		FairValue		GrossUnrealizedLosses		FairValue		GrossUnrealizedLosses
MBS:
Agency	$	—106	$	—(1)	$	16,~~382~~034	$	(1,~~986~~627)	$	16,~~382~~140	$	(1,~~986~~628)
Non-agency	—2,099		—(21)		~~24,539~~199		(9018)		242,~~539~~298		(9039)
Total MBS	—2,205		—(22)		4016,~~921~~233		(21,~~076~~645)		4018,~~921~~438		(21,~~076~~667)
Municipal	—		—		3,658		(232)		3,658		(232)
Total available-for-sale securities	$	2,205	$	(22)	$	16,233	$	(1,645)	$	18,438	$	(1,667)
Total available-for-sale securities	$	—	$	—	$	44,579	$	(2,308)	$	44,579	$	(2,308)
	June 30, 2025
	June 30, 2024
	Available-for-sale securities in loss position for
	Less Than12 Months				More Than12 Months				Total
(Dollars in thousands)	FairValue		GrossUnrealizedLosses		FairValue		GrossUnrealizedLosses		FairValue		GrossUnrealizedLosses
MBS:
Agency	$	~~2,644~~108	$	~~(31)~~—	$	1916,~~298~~212	$	(21,~~628~~799)	$	2116,~~942~~320	$	(21,~~659~~799)
Non-agency	152,138		—(43)		7810,~~364~~695		(~~568~~15)		7812,~~379~~833		(~~568~~58)
Total MBS	2,~~659~~246		(3143)		9726,~~662~~907		(31,~~196~~814)		~~100~~29,~~321~~153		(31,~~227~~857)
Municipal	—		—		3,424		(364)		3,424		(364)
Total available-for-sale securities	$	2,246	$	(43)	$	26,907	$	(1,814)	$	29,153	$	(1,857)
Total available-for-sale securities	$	2,659	$	(31)	$	101,086	$	(3,560)	$	103,745	$	(3,591)

The following table sets forth the expected maturity distribution of our mortgage-backed securities, which is based on assumed prepayment rates, and the maturity distribution of our non-MBS, which is based on the contractual maturity:

	As of March 31, 2025
	As of September 30, 2025
(Dollars in thousands)	Total Amount		Due Within One Year		Due after One but within Five Years		Due after Five but within Ten Years		Due After Ten Years
MBS:
Agency	$	4847,~~725~~845	$	11,~~128~~999	$	3029,~~206~~382	$	54,~~555~~746	$	1,~~836~~718
Non-Agency	$	289,~~432~~901	$	246,~~842~~698	$	1,~~403~~470	$	1,~~271~~115	$	~~916~~618
Total MBS	$	7757,~~157~~746	$	3518,~~970~~697	$	3130,~~609~~852	$	65,~~826~~861	$	2,~~752~~336
Municipal	$	3,890			$	—	$	—	$	3,890
Available-for-sale—Amortized cost	$	57,746	$	18,697	$	30,852	$	5,861	$	2,336
Available-for-sale—Amortized cost	$	81,047	$	35,970	$	31,609	$	6,826	$	6,642
Available-for-sale—Fair value	$	57,798	$	18,655	$	30,681	$	6,017	$	2,445
Available-for-sale—Fair value	$	79,958	$	35,684	$	30,937	$	6,713	$	6,624

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45. LOANS & ALLOWANCE FOR CREDIT LOSSES

The Company categorizes the loan portfolio into five segments: Single Family - Mortgage & Warehouse, Multifamily and Commercial Mortgage, Commercial Real Estate, Commercial & Industrial - Non Real Estate (“Non-RE”) and Auto & Consumer. For further detail of the segments of the Company’s loan portfolio, see Note 1—“Organizations and Summary of Significant Accounting Policies” in the ~~2024~~2025 Form 10-K. The Company acquired approximately $1.0 billion of loans and leases, including $211.0 million of PCD assets, as part of the Verdant acquisition, which was completed on September 30, 2025. The loans and leases acquired in the Verdant acquisition are included in the commercial & industrial - Non-RE portfolio. For additional information on the Verdant acquisition, see Note 2, “Acquisitions.”

The following table sets forth the composition of the loan portfolio:

(Dollars in thousands)	~~March~~September 3130, 2025		June 30, ~~2024~~2025
Single Family - Mortgage & Warehouse	$	4,~~194~~540,~~821~~889	$	4,~~178~~395,~~832~~278
Multifamily and Commercial Mortgage1	3,340,618		3,861,931
Multifamily and Commercial Mortgage	2,793,762		2,940,739
Commercial Real Estate1	6,356,559		6,088,622
Commercial Real Estate	7,295,572		6,937,187
Commercial & Industrial - Non-RE	67,~~389~~980,~~964~~981		56,~~241~~795,~~766~~497
Auto & Consumer	~~447~~531,~~294~~044		~~431~~482,~~660~~996
Total gross loans	2023,~~729~~142,~~256~~248		1921,~~802~~551,~~811~~697
Allowance for credit losses - loans	(~~279~~307,~~950~~431)		(~~260~~290,~~542~~049)
Unaccreted premiums (discounts) and loan fees	(~~255~~199,~~676~~680)		(~~310~~212,~~884~~038)
Total net loans	$	2022,~~193~~635,~~630~~137	$	1921,~~231~~049,~~385~~610

1Accrued ~~Includes~~interest ~~purchased~~receivable ~~credit~~on ~~deteriorated (“PCD”)~~ loans ofheld ~~$280.0~~for ~~million~~investments ~~and~~totaled $~~284~~120.08 million ~~in Multifamily~~ and ~~Commercial Mortgage and~~ $44109.~~5 million~~6 ~~and $44.5~~ million ~~in Commercial Real Estate~~ as of ~~March~~September 3130, 2025 and June 30, ~~2024~~2025, respectively. ~~For further detail on PCD loans, see Note 1—“Organizations and Summary of Significant Accounting Policies” in the 2024 Form 10-K.~~

~~Accrued~~At ~~interest~~September ~~receivable~~30, on2025 ~~loans~~and ~~held~~June ~~for~~30, ~~investments~~2025, ~~totaled~~the Company pledged certain loans totaling $~~113~~4,112.60 million and $~~119~~4,284.87 million, asrespectively, ofto ~~March~~the ~~31,~~FHLB ~~2025~~ and ~~June~~$8,320.3 million 30and $8,227.7 ~~2024~~million, respectively, to the Federal Reserve Bank of San Francisco (“FRBSF”).

AtThe ~~March~~following ~~31,~~table ~~2025~~presents ~~and~~loan-to-value ~~June~~(“LTV”) ~~30,~~for ~~2024,~~ the Company’s ~~pledged~~real ~~certain~~estate loans ~~totaling~~outstanding ~~$4,272.6 million~~as ~~and~~of ~~$4,942.8 million,~~September ~~respectively~~30, ~~to the FHLB and $8,771.8 million and $8,197.2 million, respectively, to the Federal Reserve Bank of San Francisco (“FRBSF”).~~2025:

The following table presents loan-to-value (“LTV”) for the Company’s real estate loans outstanding as of March 31, 2025:


	Total Real Estate Loans		Single Family - Mortgage & Warehouse		Multifamily and Commercial Mortgage		Commercial Real Estate
Weighted-Average LTV	48	%	57	%	49	%	43	%
Median LTV	51	%	53	%	47	%	43	%

	Total Real Estate Loans		Single Family - Mortgage & Warehouse		Multifamily and Commercial Mortgage		Commercial Real Estate
Weighted-Average LTV	48.4	%	56.2	%	50.3	%	42.2	%
Median LTV	51.2	%	53.5	%	48.4	%	43.9	%

The following table presents the components of the provision for credit losses:

For the Three Months Ended March 31,

For the Nine Months Ended March 31,

For September 30,

(Dollars in thousands)

2025

2024

~~2025~~

~~2024~~

Provision for credit losses - loans

1315,~~750~~255

911,~~000~~500

~~36,998~~

~~27,250~~

Provision for credit losses - unfunded lending commitments

~~750~~2,000

(32,~~000)~~500

~~3,750~~

~~(750)~~

Total provision for credit losses

1417,~~500~~255

614,000

~~40,748~~

~~26,500~~

The following tables summarize activity in the allowance for credit losses - loans by portfolio segment:

	For the Three Months Ended March 31, 2025
(Dollars in thousands)	Single Family-Mortgage & Warehouse		Multifamily and Commercial Mortgage		Commercial Real Estate		Commercial & Industrial - Non-RE		Auto & Consumer		Total
Balance at January 1, 2025	$	16,104	$	56,077	$	102,454	$	84,455	$	11,515	$	270,605
Provision (benefit) for credit losses - loans	1,593		(7,976)		(12,870)		29,921		3,082		13,750
Charge-offs	(2,297)		(1,131)		—		(753)		(2,026)		(6,207)
Recoveries	4		689		255		—		854		1,802
Balance at March 31, 2025	$	15,404	$	47,659	$	89,839	$	113,623	$	13,425	$	279,950

Table of Contents

	For the Three Months Ended March 31, 2024
(Dollars in thousands)	Single Family-Mortgage & Warehouse		Multifamily and Commercial Mortgage		Commercial Real Estate		Commercial & Industrial - Non-RE		Auto & Consumer		Total
Balance at January 1, 2024	$	15,356	$	78,353	$	77,778	$	69,201	$	11,061	$	251,749
Provision (benefit) for credit losses - loans	1,629		(1,856)		5,064		2,809		1,354		9,000
Charge-offs	(90)		(139)		—		—		(3,776)		(4,005)
Recoveries	70		—		—		—		708		778
Balance at March 31, 2024	$	16,965	$	76,358	$	82,842	$	72,010	$	9,347	$	257,522

The following tables summarize activity in the allowance for credit losses - loans by portfolio segment:

	For the Nine Months Ended March 31, 2025
	For the Three Months Ended September 30, 2025
(Dollars in thousands)	Single Family-Mortgage & Warehouse		Multifamily and Commercial Mortgage		Commercial Real Estate		Commercial & Industrial - Non-RE		Auto & Consumer		Total
Balance at July 1, 2024	$	16,943	$	70,771	$	87,780	$	76,032	$	9,016	$	260,542
Balance at July 1, 2025	$	12,109	$	26,238	$	113,804	$	121,641	$	16,257	$	290,049
Provision (benefit) for credit losses - loans	702		(16,116)		1,804		41,506		9,102		36,998
Allowance for credit losses at acquisition of PCD loans	—		—		—		7,795		—		7,795
Charge-offs	(2,297)		(7,685)		—		(3,915)		(7,370)		(21,267)
Provision (benefit) for credit losses - loans	(1,571)		(1,037)		6,549		8,856		2,458		15,255
Recoveries	56		689		255		—		2,677		3,677
Charge-offs	(395)		(3,918)		(4)		(255)		(1,786)		(6,358)
Balance at March 31, 2025	$	15,404	$	47,659	$	89,839	$	113,623	$	13,425	$	279,950
Recoveries	28		—		—		—		662		690
Balance at September 30, 2025	$	10,171	$	21,283	$	120,349	$	138,037	$	17,591	$	307,431

	For the Nine Months Ended March 31, 2024
	For the Three Months Ended September 30, 2024
(Dollars in thousands)	Single Family-Mortgage & Warehouse		Multifamily and Commercial Mortgage		Commercial Real Estate		Commercial & Industrial - Non-RE		Auto & Consumer		Total
Balance at July 1, 2023	$	17,503	$	16,848	$	72,755	$	46,347	$	13,227	$	166,680
Balance at July 1, 2024	$	16,943	$	70,771	$	87,780	$	76,032	$	9,016	$	260,542
Allowance for credit losses at acquisition of PCD loans	—		58,972		11,125		—		—		70,097
Provision (benefit) for credit losses - loans	464		(1,806)		7,252		3,555		2,035		11,500
Provision (benefit) for credit losses - loans	(461)		677		(1,038)		25,749		2,323		27,250
Charge-offs	—		(3,357)		—		(3,032)		(2,849)		(9,238)
Charge-offs	(170)		(139)		—		(86)		(8,378)		(8,773)
Recoveries	46		—		—		—		1,004		1,050
Recoveries	93		—		—		—		2,175		2,268
Balance at September 30, 2024	$	17,453	$	65,608	$	95,032	$	76,555	$	9,206	$	263,854
Balance at March 31, 2024	$	16,965	$	76,358	$	82,842	$	72,010	$	9,347	$	257,522

For the three ~~and nine~~ months ended ~~March~~September 3130, 2025, the allowance for credit losses for loans increased as a result of PCD assets acquired in the Verdant acquisition and the provision for credit losses, partially offset by net charge-offs. The provision for credit losses was primarily driven by the ~~commercial~~post-acquisition &provision ~~industrial~~for -credit ~~non-RE~~losses ~~portfolio,~~on ~~reflecting~~the ~~loan~~loans ~~growth~~and leases acquired in the Verdant acquisition, as well as ~~the~~loan ~~quantitative~~growth and the impact of macroeconomic variables used in the allowance for credit losses model, ~~including~~primarily the ~~5-year and 10-year~~ U.S. ~~Treasury~~unemployment ~~rates.~~rate, ~~The~~consumer ~~provision~~price ~~was~~and ~~also~~housing ~~impacted~~price byindices, ~~increases~~as inwell ~~specific~~as ~~reserves~~the ~~and~~five-year ~~certain~~U.S. ~~qualitative~~Treasury ~~adjustments~~rate.

Loan products within each portfolio contain varying collateral types which impact the estimate of the loss given default utilized in the calculation of the allowance for credit losses for loans. For further discussion of the model method of estimating expected lifetime credit losses, see Note 1—“Organizations and Summary of Significant Accounting Policies” in the ~~2024~~2025 Form 10-K.

The following tables present a summary of the activity in the allowance for credit losses for off-balance sheet lending commitments:

	Three Months Ended March 31,
	Three Months Ended September 30,
(Dollars in thousands)	2025		2024
Balance at January 1,	$	13,223	$	12,723
Balance at July 1,	$	10,891	$	10,223
Provision (benefit) for credit losses - unfunded lending commitments	~~750~~2,000		(32,~~000)~~500
Balance at March 31,	$	13,973	$	9,723
Balance at September 30,	$	12,891	$	12,723
	Nine Months Ended March 31,
(Dollars in thousands)	2025		2024
Balance at July 1,	$	10,223	$	10,473
Provision (benefit) for credit losses - unfunded lending commitments	3,750		(750)
Balance at March 31,	$	13,973	$	9,723

The increase in the allowance for off-balance sheet lending commitments for the three months ended September 30, 2025, was primarily driven by unfunded lending commitment growth, primarily in the commercial real estate and commercial & industrial - non-RE portfolios.

Table of Contents

The increase in the allowance for off-balance sheet lending commitments for the three and nine months ended March 31, 2025, was primarily driven by unfunded lending commitment growth, primarily in the commercial real estate and commercial & industrial - non-RE portfolios.

Credit Quality Disclosures. The following tables provide the composition of loans that are performing and nonaccrual by portfolio segment:

March 31, 2025

September 30, 2025

(Dollars in thousands)

Single Family-Mortgage & Warehouse

Multifamily and Commercial Mortgage

Commercial Real Estate

Commercial & Industrial - Non-RE

Auto & Consumer

Total

Performing

4,~~151~~473,~~274~~002

32,~~306~~777,~~746~~715

67,~~322~~273,~~424~~789

67,~~318~~918,~~810~~445

~~444~~528,~~942~~887

2022,~~544~~971,~~196~~838

Nonaccrual

4367,~~547~~887

3316,~~872~~047

3421,~~135~~783

7162,~~154~~536

2,~~352~~157

~~185~~170,~~060~~410

Total

4,~~194~~540,~~821~~889

32,~~340~~793,~~618~~762

67,~~356~~295,~~559~~572

67,~~389~~980,~~964~~981

~~447~~531,~~294~~044

2023,~~729~~142,~~256~~248

Nonaccrual loans to total loans

0.8974

June 30, 2024

June 30, 2025

(Dollars in thousands)

Single Family-Mortgage & Warehouse

Multifamily and Commercial Mortgage

Commercial Real Estate

Commercial & Industrial - Non-RE

Auto & Consumer

Total

Performing

4,~~133~~351,~~121~~082

32,~~826~~907,~~877~~702

6,~~062~~907,~~520~~964

56,~~237~~733,~~746~~693

~~429~~480,~~188~~870

1921,~~689~~381,~~452~~311

Nonaccrual

4544,~~711~~196

3533,~~054~~037

2629,~~102~~223

461,~~020~~804

2,~~472~~126

~~113~~170,~~359~~386

Total

4,~~178~~395,~~832~~278

32,~~861~~940,~~931~~739

6,~~088~~937,~~622~~187

56,~~241~~795,~~766~~497

~~431~~482,~~660~~996

1921,~~802~~551,~~811~~697

Nonaccrual loans to total loans

0.5779

There were no nonaccrual loans without an allowance for credit losses as of ~~March~~September 3130, 2025 and June 30, ~~2024~~2025. There was no interest income recognized on nonaccrual loans in the three ~~and nine~~ months ended ~~March~~September 3130, 2025 and 2024. Loans reaching 90 days past due are generally placed on nonaccrual status and risk rated as substandard or doubtful. Loans not yet reaching 90 days past due may be placed on nonaccrual status based on management’s assessment of the aging of contractual principal amounts due, among other factors.

Credit Quality Indicators. The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information and current economic trends. In addition to the borrower’s primary source of repayment, in its risk rating process the Company considers all available sources of repayment, including obligor guaranties and liquidations of pledged collateral, where individually or together such sources would fully repay the loan on a timely basis. The Company analyzes loans individually by classifying the loans based on credit risk. The Company uses the following internally-defined risk ratings:

Pass. Loans where repayment in full is expected through any of the borrower’s sources of repayment.

Special Mention. Loans where any credit risk is not considered significant yet require management’s attention given certain currently identified characteristics of the borrower, collateral securing the loan and the obligor’s net worth and paying capacity. If the identified credit risks are not adequately monitored or mitigated, the loan may weaken and the Company’s credit position with respect to the loan may deteriorate in the future.

Substandard. Loans where currently identified characteristics of the borrower, collateral securing the loan and the obligor’s net worth and paying capacity, taken together, could jeopardize the repayment of the debt. A loan not fully supported by at least one available source of repayment and involves a distinct possibility that the Company will sustain some loss in that loan if the weakness is not cured. A loan supported by a guaranty, collateral sufficient to incentivize a sale or refinance, or cash flow that is sufficient for timely repayment in full will not be classified as substandard even if the loan has a well-defined weakness in other sources of repayment.

Doubtful. Loans reflecting the same characteristics as those classified as substandard, but for which repayment in full in accordance with the contractual terms is currently considered highly unlikely.

The Company reviews and grades loans following a continuous review process, featuring coverage of all loan types and business lines at least quarterly. Continuous reviewing provides more effective risk monitoring because it immediately tests for potential impacts caused by changes in personnel, policy, products or underwriting standards.

Table of Contents

The following tables present the composition of loans by portfolio segment, fiscal year of origination and credit quality indicator, and the amount of year-to-date gross charge-offs.

March 31, 2025

September 30, 2025

Loans Held for Investment by Fiscal Year of Origination

Revolving Loans

Total

(Dollars in thousands)

~~2025~~2026

~~2024~~2025

~~2023~~2024

~~2022~~2023

~~2021~~2022

Prior

Single Family-Mortgage & Warehouse

Pass

~~487~~197,~~621~~266

~~319~~652,~~582~~424

~~473~~233,~~700~~972

1426,~~086,704~~758

~~453~~1,~~658~~033,680

~~785~~1,~~879~~108,076

~~490~~787,~~429~~877

4,~~097~~440,~~573~~053

Special Mention

—

—1,080

~~4,100~~—

910,~~051~~689

2419,~~670~~087

~~7,602~~—

4530,~~423~~856

Substandard

—

124,~~579~~503

111,~~100~~379

3854,~~146~~098

—

5169,~~825~~980

Doubtful

—

Total

~~487~~197,~~621~~266

~~319~~652,~~582~~424

~~473~~235,~~700~~052

1431,~~103,383~~261

~~463~~1,~~809~~055,748

~~848~~1,~~695~~181,261

~~498~~787,~~031~~877

4,~~194~~540,~~821~~889

Year-to-date gross charge-offs

—

—48

~~2,297~~347

—

~~2,297~~395

Multifamily and Commercial Mortgage

Pass

4328,~~011~~237

2675,~~655~~585

~~642~~21,~~262~~577

~~952~~631,~~205~~556

~~464~~801,~~138~~448

1,~~070~~191,~~737~~542

—

32,~~199~~749,~~008~~945

Special Mention

—

~~5,296~~—

413,~~474~~400

~~3,150~~—

181,~~293~~547

—

684,~~213~~947

Substandard

—

~~18,530~~—

138,~~262~~530

—17,007

4113,~~605~~333

—

7338,~~397~~870

Doubtful

—

Total

4328,~~011~~237

2675,~~655~~585

~~666~~21,~~088~~577

1643,~~006,941~~486

~~467~~818,~~288~~455

1,~~130~~206,~~635~~422

—

32,~~340~~793,~~618~~762

Year-to-date gross charge-offs

—

73,~~685~~918

—

73,~~685~~918

Commercial Real Estate

Pass

2512,~~154,798~~926

13,~~486~~112,~~552~~458

~~816~~1,~~851~~372,529

~~732~~689,~~780~~214

~~146~~409,~~817~~209

44181,~~812~~498

~~925~~981,~~206~~352

67,~~307~~259,~~816~~186

Special Mention

—

Substandard

—

147,~~324~~060

~~5,000~~—

14,~~810~~721

14,~~609~~605

4836,~~743~~386

Doubtful

—

Total

2512,~~154,798~~926

13,~~486~~112,~~552~~458

~~816~~1,~~851~~372,529

~~747~~696,~~104~~274

~~151~~409,~~817~~209

59196,~~622~~219

~~939~~995,~~815~~957

67,~~356~~295,~~559~~572

Year-to-date gross charge-offs

—

—4

—

—4

Commercial & Industrial - Non-RE

Pass

~~667~~710,~~082~~648

~~820~~1,~~277~~505,243

~~384~~1,~~897~~000,419

87363,~~383~~791

36142,~~981~~039

9876,~~110~~615

3,~~911~~804,~~588~~326

67,~~006~~603,~~318~~081

Special Mention

—256

1613,~~188~~606

—59,132

454,~~774~~026

—1,537

—71

~~20,831~~—

8278,~~793~~628

Substandard

—81

1215,~~233~~849

3279,~~642~~036

~~131~~11,~~250~~936

2154,~~745~~289

26,~~989~~185

~~104~~21,~~084~~284

~~285~~288,~~943~~660

Doubtful

—

—599

—4

~~10,000~~3

—10,000

—6

~~4,910~~—

1410,~~910~~612

Total

~~667~~710,~~082~~985

~~848~~1,~~698~~535,297

~~417~~1,~~539~~138,591

~~274~~379,~~407~~756

39307,~~726~~865

~~101~~82,~~099~~877

43,~~041~~825,~~413~~610

67,~~389~~980,~~964~~981

Year-to-date gross charge-offs

—

~~884~~—

—

~~1,031~~—

—255

~~2,000~~—

~~3,915~~255

Auto & Consumer

Pass

~~140~~97,~~872~~082

52201,~~184~~753

8444,~~250~~395

~~124~~60,~~438~~552

2794,~~697~~988

1429,~~449~~414

—

~~443~~528,~~890~~184

Special Mention

48—

51290

~~250~~—

~~329~~332

~~157~~163

5153

—

~~886~~838

Substandard

~~375~~—

~~257~~316

~~448~~16

~~833~~291

~~125~~684

~~480~~715

—

2,~~518~~022

Doubtful

—

Total

~~141~~97,~~295~~082

52202,~~492~~359

8444,~~948~~411

~~125~~61,~~600~~175

2795,~~979~~835

1430,~~980~~182

—

~~447~~531,~~294~~044

Year-to-date gross charge-offs

18—

~~403~~474

~~1,818~~153

~~2,663~~450

~~713~~649

~~1,755~~60

—

71,~~370~~786

Total

Pass

31,~~493~~546,~~384~~159

25,~~705~~547,~~250~~463

2,~~401~~672,~~960~~892

2,~~983~~171,~~510~~871

12,~~129~~481,~~291~~364

2,~~013~~587,~~987~~145

5,~~327~~573,~~223~~555

2022,~~054~~580,~~605~~449

Special Mention

48256

1613,~~239~~896

560,~~546~~212

917,~~677~~758

12,~~358~~389

4320,~~014~~758

~~28,433~~—

~~197~~115,~~315~~269

Substandard

~~375~~81

1216,~~490~~165

5179,~~620~~052

~~172~~32,~~248~~320

8183,~~970~~359

9889,~~030~~052

~~118~~35,~~693~~889

~~462~~435,~~426~~918

Doubtful

—

—599

—4

~~10,000~~3

—10,000

—6

~~4,910~~—

1410,~~910~~612

Total

31,~~493~~546,~~807~~496

25,~~733~~578,~~979~~123

2,~~459~~812,~~126~~160

32,~~257~~211,~~435~~952

12,~~150~~687,~~619~~112

2,~~155~~696,~~031~~961

5,~~479~~609,~~259~~444

2023,~~729~~142,~~256~~248

As a % of total gross loans

166.97%

1324.21%

1112.92%

159.76%

511.6%

1011.47%

2624.32%

100%

Year-to-date gross charge-offs

18—

~~403~~474

~~2,702~~153

~~2,663~~450

~~1,744~~701

114,~~737~~580

~~2,000~~—

216,~~267~~358

Table of Contents

June 30, 2024

June 30, 2025

Loans Held for Investment by Fiscal Year of Origination

Revolving Loans

Total

(Dollars in thousands)

~~2024~~2025

~~2023~~2024

~~2022~~2023

~~2021~~2022

~~2020~~2021

Prior

Single Family-Mortgage & Warehouse

Pass

~~491~~750,~~822~~357

~~590~~269,~~060~~165

1451,~~200,230~~330

~~487~~1,~~132~~067,144

~~291~~434,~~047~~352

~~720~~715,~~049~~620

~~256~~599,~~778~~406

4,~~037~~287,~~118~~374

Special Mention

312,~~000~~129

—1,080

245,~~489~~362

~~665~~3,140

65,~~591~~254

26,~~873~~604

—9,967

8953,~~618~~536

Substandard

—

~~283~~—

~~6,728~~—

—7,255

146,720

3040,~~365~~393

—

5254,~~096~~368

Doubtful

—

Total

~~522~~752,~~822~~486

~~590~~270,~~343~~245

1456,~~231,447~~692

~~487~~1,~~797~~077,539

~~312~~446,~~358~~326

~~777~~782,~~287~~617

~~256~~609,~~778~~373

4,~~178~~395,~~832~~278

Year-to-date gross charge-offs

—

—340

—

—400

—

~~172~~2,296

—

~~172~~3,036

Multifamily and Commercial Mortgage

Pass

3675,~~058~~755

~~700~~22,~~163~~435

~~994~~632,~~004~~120

~~595~~859,~~299~~189

~~510~~422,~~341~~683

~~811~~842,~~184~~787

—1,450

32,~~647~~856,~~049~~419

Special Mention

—

~~29,325~~—

463,~~194~~400

~~17,478~~—

97,~~011~~255

1018,~~277~~272

—

~~112~~28,~~285~~927

Substandard

—

~~13,489~~—

128,~~509~~530

1513,~~507~~199

~~41,013~~—

2033,~~079~~664

—

~~102~~55,~~597~~393

Doubtful

—

Total

3675,~~058~~755

~~742~~22,~~977~~435

1644,~~052,707~~050

~~628~~872,~~284~~388

~~560~~429,~~365~~938

~~841~~894,~~540~~723

—1,450

32,~~861~~940,~~931~~739

Year-to-date gross charge-offs

—

—375

—86

—5

~~640~~—

—8,099

—

~~640~~8,565

Commercial Real Estate

Pass

13,~~952~~135,~~001~~530

1,~~419~~342,~~399~~372

1679,~~456,643~~875

~~221~~575,~~061~~642

7152,~~741~~581

5347,~~000~~214

~~866~~960,~~686~~145

56,~~976~~893,~~531~~359

Special Mention

—

~~27,452~~—

—

~~27,452~~—

Substandard

—

~~5,600~~—

~~43,700~~—

59,~~000~~500

—5,000

3014,~~339~~723

—14,605

8443,~~639~~828

Doubtful

—

Total

13,~~952~~135,~~001~~530

1,~~424~~342,~~999~~372

1679,~~527,795~~875

~~226~~585,~~061~~142

7157,~~741~~581

8361,~~339~~937

~~866~~974,~~686~~750

6,~~088~~937,~~622~~187

Year-to-date gross charge-offs

—

—165

—

—165

Commercial & Industrial - Non-RE

Pass

~~991~~1,~~497~~231,118

~~458~~809,~~454~~347

~~238~~310,~~397~~043

44120,~~923~~385

1038,~~422~~397

1228,~~867~~311

3,~~295~~928,~~425~~415

56,~~051~~466,~~985~~016

Special Mention

—

145,~~613~~120

~~731~~—

~~1,818~~—

—93

—

510,~~349~~023

955,~~511~~236

Substandard

—3,747

3410,~~433~~719

~~122~~9,~~729~~244

1135,~~031~~778

—2,486

2,~~988~~989

1999,~~089~~282

~~180~~264,~~270~~245

Doubtful

—

—10,000

—

—10,000

Total

~~991~~1,~~497~~234,865

~~494~~865,~~500~~186

~~361~~319,~~857~~287

47266,~~772~~163

1040,~~422~~976

1531,~~855~~300

34,~~319~~037,~~863~~720

56,~~241~~795,~~766~~497

Year-to-date gross charge-offs

—

—883

—

—5,942

84—

—2,000

848,825

Auto & Consumer

Pass

65213,~~766~~318

~~114~~47,~~615~~587

~~177~~75,~~043~~120

43109,~~287~~228

1323,~~402~~084

1411,~~056~~448

—

~~428~~479,~~169~~785

Special Mention

33295

~~213~~52

~~422~~186

~~176~~270

—60

6110

—

~~905~~873

Substandard

~~142~~154

~~547~~48

~~1,264~~365

~~410~~807

~~114~~549

~~109~~415

—

2,~~586~~338

Doubtful

—

Total

65213,~~941~~767

~~115~~47,~~375~~687

~~178~~75,~~729~~671

43110,~~873~~305

1323,~~516~~693

1411,~~226~~873

—

~~431~~482,~~660~~996

Year-to-date gross charge-offs

~~202~~589

~~3,471~~813

52,~~212~~363

13,~~556~~340

~~303~~797

~~269~~1,813

—

119,~~013~~715

Total

Pass

35,~~537~~406,~~144~~078

32,~~282~~490,~~691~~906

42,~~066~~148,~~317~~488

12,~~391~~731,~~702~~588

~~832~~1,~~953~~071,097

1,~~611~~645,~~156~~380

45,~~418~~489,~~889~~416

1920,~~140~~982,~~852~~953

Special Mention

312,~~033~~424

3146,~~151~~252

998,~~288~~948

203,~~137~~410

1512,~~602~~662

3744,~~211~~886

519,~~349~~990

~~239~~138,~~771~~572

Substandard

~~142~~3,901

5410,~~352~~767

~~186~~18,~~930~~139

21166,~~948~~539

5514,~~847~~755

8392,~~880~~184

19113,~~089~~887

~~422~~420,~~188~~172

Doubtful

—

—10,000

—

—10,000

Total

35,~~568~~412,~~319~~403

32,~~368~~547,~~194~~925

42,~~352~~175,~~535~~575

12,~~433~~911,~~787~~537

~~904~~1,~~402~~098,514

1,~~732~~782,~~247~~450

45,~~443~~623,~~327~~293

1921,~~802~~551,~~811~~697

As a % of total gross loans

1825.01%

1711.08%

2210.01%

713.25%

45.61%

8.83%

2226.41%

100%

Total year-to-date gross charge-offs

~~202~~589

31,~~471~~528

53,~~212~~332

13,~~556~~910

~~943~~6,739

~~525~~12,208

—2,000

1130,~~909~~306

Table of Contents

The following tables provide the aging of loans by portfolio segment:

March 31, 2025

September 30, 2025

(Dollars in thousands)

Current

30-59 Days

60-89 Days

90+ Days

Total

Single Family-Mortgage & Warehouse

4,~~130~~450,~~060~~628

1318,~~951~~357

810,~~619~~377

4261,~~191~~527

4,~~194~~540,~~821~~889

Multifamily and Commercial Mortgage

32,~~261~~774,~~631~~831

313,~~955~~379

132,~~697~~713

3312,~~335~~839

32,~~340~~793,~~618~~762

Commercial Real Estate

67,~~319~~273,~~579~~849

—

~~2,932~~—

3421,~~048~~723

67,~~356~~295,~~559~~572

Commercial & Industrial - Non-RE

67,~~375~~876,~~665~~062

—73,511

3813,906

1417,~~261~~502

67,~~389~~980,~~964~~981

Auto & Consumer

~~441~~524,~~716~~425

34,~~456~~094

~~913~~1,029

1,~~209~~496

~~447~~531,~~294~~044

Total

2022,~~528~~899,~~651~~795

4999,~~362~~341

2628,~~199~~025

~~125~~115,~~044~~087

2023,~~729~~142,~~256~~248

As a % of total gross loans

9998.0395

0.2443

0.1312

0.6050

100

June 30, 2024

June 30, 2025

(Dollars in thousands)

Current

30-59 Days

60-89 Days

90+ Days

Total

Single Family-Mortgage & Warehouse

4,~~070~~322,~~186~~681

4613,~~387~~302

1816,~~401~~395

4342,~~858~~900

4,~~178~~395,~~832~~278

Multifamily and Commercial Mortgage

32,~~795~~870,~~387~~972

1336,~~074~~649

~~8,554~~549

4432,~~916~~569

32,~~861~~940,~~931~~739

Commercial Real Estate

6,~~024~~900,~~470~~904

—

257,~~950~~060

3829,~~202~~223

6,~~088~~937,~~622~~187

Commercial & Industrial - Non-RE

56,~~240~~783,~~734~~440

—

112,~~032~~057

56,~~241~~795,~~766~~497

Auto & Consumer

~~424~~477,~~555~~694

43,~~644~~025

~~996~~920

1,~~465~~357

~~431~~482,~~660~~996

Total

1921,~~555~~355,~~332~~691

6452,~~105~~976

5324,~~901~~924

~~129~~118,~~473~~106

1921,~~802~~551,~~811~~697

As a % of total gross loans

9899.7509

0.3325

0.2712

0.6555

100

Loans reaching 90 or more days past due are generally placed on nonaccrual. As of ~~March~~both 31September 30, 2025 and June 30, ~~2024,~~2025 there were no loans ~~of $2.3 million and $20.2 million, respectively,~~ over 90 days past due and still accruing interest ~~as the Company expects to collect the principal and interest amounts due~~.

Single family mortgage loans in process of foreclosure were $3436.80 million and $2030.14 million as of ~~March~~September 3130, 2025 and June 30, ~~2024~~2025, respectively.

~~Loan Modifications to Borrowers Experiencing Financial Difficulty~~6. The Company may grant certain modifications of loans to borrowers experiencing financial difficulty, which effective following the adoption of ASU 2022-02, are reported as financial difficulty modifications (“FDMs”). The Company’s modification programs provide various modifications to borrowers experiencing financial difficulty which may include interest rate reductions, term extensions, payment delays and/or principal forgiveness. For the three and nine months ended March 31, 2025 and 2024, there were no FDMs. DERIVATIVES

5For additional information on the Company’s derivative instruments, see Note 1—“Organizations and Summary of Significant Accounting Policies,” Note 3—“Fair Value” and Note 6—“Derivatives” in the 2025 Form 10-K and Note 3—“Fair Value” and Note 7 “Offsetting of Derivatives and Securities Financing Agreements” herein. ~~DERIVATIVES~~

~~For~~The ~~additional~~following ~~information~~table onpresents the notional amounts and fair values of the Company’s derivative instruments,. ~~see~~While ~~Note~~the ~~1—“Organizations~~notional ~~and~~amounts ~~Summary~~give an indication of ~~Significant~~the ~~Accounting~~volume ~~Policies”,~~of ~~Note~~the ~~3—“Fair~~Company’s ~~Value”~~derivatives ~~and~~activity, ~~Note~~the ~~6—“Derivatives”~~notional amounts significantly exceed, in the ~~2024~~Company’s ~~Form~~view, ~~10-K~~the ~~and~~possible ~~Note~~losses ~~2—“Fair~~that ~~Value~~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.

The following table presents the notional amounts and fair values 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. As of June 30, 2024, there were no derivatives designated in hedge accounting relationships.


	September 30, 2025						June 30, 2025
			Fair Value						Fair Value
(Dollars in thousands)	Notional Amount		Derivative Assets		Derivative Liabilities		Notional Amount		Derivative Assets		Derivative Liabilities
Derivatives designated as hedging instruments
Interest rate contracts1	$	400,000	$	1,184	$	—	$	400,000	$	1,950	$	—
Derivatives not designated as hedging instruments
Interest rate contracts1	2,627,948		16,679		64,599		2,761,021		15,782		68,427
Foreign exchange contracts	9,777		29		20		9,570		2		71
Total derivatives	$	3,037,725	$	17,892	$	64,619	$	3,170,591	$	17,734	$	68,498

1 Derivative Assets are presented net of $50.8 million and $55.4 million of variation margin on centrally-cleared derivatives as of September 30, 2025 and June 30, 2025, respectively.

	March 31, 2025						June 30, 2024
			Fair Value						Fair Value
(Dollars in thousands)	Notional Amount		Derivative Assets		Derivative Liabilities		Notional Amount		Derivative Assets		Derivative Liabilities
Derivatives designated as hedging instruments
Interest rate contracts	$	400,000	$	3,790	$	—	$	—	$	—	$	—
Derivatives not designated as hedging instruments
Interest rate contracts1	2,587,213		12,356		72,629		2,435,874		106,796		102,949
Foreign exchange contracts	10,996		9		13		—		—		—
Total derivatives	$	2,998,209	$	16,155	$	72,642	$	2,435,874	$	106,796	$	102,949

Table of Contents

Derivatives designated as hedging instruments

The following table presents pre-tax gains/(losses) on derivative instruments used in cash flow hedge accounting relationships.

	For the Three Months Ended March 31,				For the Nine Months Ended March 31,
	For the Three Months Ended September 30,
(Dollars in thousands)	2025		2024		~~2025~~		~~2024~~
Amounts recorded in OCI	$	(2,464)	$	—	$	6,162	$	—
Amounts recorded in other comprehensive income (“OCI”)	$	374	$	553
Amounts reclassified from AOCI to income	(1,~~130~~118)		—		~~(2,608)~~		—
Total change in OCI for period	$	(~~3,594~~744)	$	—553	$	~~3,554~~	$	—

The Company did not experience any forecasted transactions that failed to occur during the three months ended September 30, 2025 or 2024. There are no amounts excluded from the assessment of hedge effectiveness.

~~The~~As ~~Company~~of ~~did~~September ~~not~~30, ~~experience~~2025, ~~any~~the ~~forecasted~~Company ~~transactions~~expects that ~~failed~~approximately to$1.2 ~~occur~~million ~~during~~of ~~the~~pre-tax ~~three~~net ~~and~~gain ~~nine~~related ~~months~~to ~~ended~~cash ~~March~~flow ~~31,~~hedges ~~2025~~recorded orin ~~2024.~~accumulated ~~There~~other ~~are~~comprehensive noincome ~~amounts~~will ~~excluded~~be ~~from~~recognized in income over the ~~assessment~~next 12 months. The maximum length of ~~hedge~~time ~~effectiveness~~over which forecasted transactions are hedged is approximately 2.0 years.

As of March 31, 2025, the Company expects that approximately $2.7 million of pre-tax net gain related to cash flow hedges recorded in AOCI will be recognized in income over the next 12 months. The maximum length of time over which forecasted transactions are hedged is approximately 2.5 years.

Derivatives not designated as hedging instruments

The following table presents the pre-tax gains/(losses) related to the Company’s derivative instrument activity recognized in the Condensed Consolidated Statements of Income:

For the Three Months Ended March 31,

For the Nine Months Ended March 31,

For the Three Months Ended September 30,

(Dollars in thousands)

2025

2024

~~2025~~

~~2024~~

Interest rate contracts

Banking and service fees

(~~272~~558)

27(1,372)

~~(1,829)~~

~~417~~

Mortgage banking and servicing rights income

~~136~~417

98(251)

~~(249)~~

~~606~~

Foreign exchange contracts

Banking and service fees

~~(29)~~539

—

~~(29)~~

—

6The aggregate foreign exchange transaction gain totaled approximately $0. ~~OFFSETTING~~5 OFmillion ~~DERIVATIVES~~for ~~AND~~the ~~SECURITIES~~three ~~FINANCING~~months ~~AGREEMENTS~~ended September 30, 2025, and was not significant for the three months ended September 30, 2024.

The Company enters into derivatives transactions as part of its mortgage banking activities, market making activity in interest rate swap and cap derivatives to facilitate customer demand and hedging activities related to interest rate risk management, and enters into securities borrowed and securities loaned transactions to facilitate customer match-book activity, cover short positions and support customer securities lending7. OFFSETTING ~~For~~OF ~~additional~~DERIVATIVES ~~information~~AND onSECURITIES ~~offsetting~~FINANCING ~~see Note 7—“Offsetting of Derivatives and Securities Financing Agreements” in the 2024 Form 10-K.~~AGREEMENTS

The Company enters into derivatives transactions as part of its mortgage banking activities, market making activity in interest rate swap and cap derivatives to facilitate customer demand and hedging activities related to interest rate and foreign exchange risk management, and enters into securities borrowed and securities loaned transactions to facilitate customer match-book activity, cover short positions and support customer securities lending. For additional information on offsetting see Note 7—“Offsetting of Derivatives and Securities Financing Agreements” in the 2025 Form 10-K.

The following tables present information about the offsetting of these instruments and related collateral amounts:

March 31, 2025

September 30, 2025

(Dollars in thousands)

Gross Assets / Liabilities

Amounts Offset

Net Balance Sheet Amount

Amounts Not Offset2

Net Assets / Liabilities

Assets:

Securities borrowed

91182,~~915~~518

—

91182,~~915~~518

—

Other Assets — Derivative Assets1

1617,~~155~~891

—

1617,~~155~~891

1110,~~788~~468

47,~~367~~423

Liabilities:

Securities loaned

~~111~~204,~~094~~620

—

~~111~~204,~~094~~620

—

Accounts Payable and Other Liabilities — Derivative Liabilities

7264,~~642~~618

—

7264,~~642~~618

46,~~043~~682

6857,~~599~~936

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	June 30, 2024
	June 30, 2025
(Dollars in thousands)	Gross Assets / Liabilities		Amounts Offset		Net Balance Sheet Amount		Amounts Not Offset2		Net Assets / Liabilities
Assets:
Securities borrowed	$	67139,~~212~~396	$	—	$	67139,~~212~~396	$	67139,~~212~~396	$	—
Other Assets — Derivative Assets	106,796		—		106,796		18,524		88,272
Other Assets — Derivative Assets1	17,734		—		17,734		11,174		6,560
Liabilities:
Securities loaned	$	74139,~~177~~426	$	—	$	74139,~~177~~426	$	74139,~~177~~426	$	—
Accounts Payable and Other Liabilities — Derivative Liabilities	~~102~~68,~~949~~497		—		~~102~~68,~~949~~497		~~414~~6,122		~~102~~62,~~535~~375

1 Gross amounts of Other Assets - Derivative Assets are presented net of $6350.28 million and $55.4 million of variation margin on centrally-cleared derivatives as of ~~March~~September 3130, 2025 and June 30, 2025, respectively.

2 Amounts not offset reflect cash collateral received on Derivative Assets of $85.43 million and $186.13 million as of ~~March~~September 3130, 2025 and June 30, ~~2024~~2025, respectively, and cash collateral placed on Derivative Liabilities of $01.75 million and $1.3 million as of ~~March~~September 3130, 2025. ~~There was no cash collateral placed on Derivative Liabilities as of~~ and June 30, ~~2024~~2025, respectively.

The securities loaned transactions represent equities with an overnight and open maturity classification as of both periods presented.

78. STOCKHOLDERS’ EQUITY AND STOCK-BASED COMPENSATION

The Company has an equity incentive plan, the Amended and Restated 2014 Stock Incentive Plan (the “2014 Plan”), which provides for the granting of non-qualified and incentive stock options, restricted stock and restricted stock units (“RSUs”), stock appreciation rights and other awards to employees, directors and consultants. The Company also has an employment agreement with its Chief Executive Officer that provides for an award of ~~restricted stock units~~RSUs. For additional information regarding the Company’s stock-based compensation plans, see Note 16—“Stock-Based Compensation” in the ~~2024~~2025 Form 10-K.

At ~~March~~September 3130, 2025, 1868,~~007,365~~891 shares of common stock were authorized for future awards under the 2014 Plan. As of ~~March~~September 3130, 2025, the total compensation cost not yet recognized related to non-vested awards was $7487.80 million, which is expected to be recognized over a weighted-average period of 1.45 years.

The following table presents the status and changes in RSUs:

	RSUs	Weighted-AverageGrant-Date Fair Value
Non-vested balance at June 30, 2024	1,541,194	$	43.95
Non-vested balance at June 30, 2025	1,564,016	$	55.50
Granted	1385,~~006,449~~696	6490.4647
Vested	(~~592~~254,~~005~~510)	4347.4824
Forfeited	(7126,~~433~~093)	4757.6293
Non-vested balance at March 31, 2025	1,884,205	$	54.92
Non-vested balance at September 30, 2025	1,669,109	$	64.81

The total fair value of shares vested for the three ~~and nine~~ months ended ~~March~~September 3130, 2025 ~~was $15.7 million~~ and ~~$38.8~~September ~~million~~30, ~~respectively. The total fair value of shares vested for the three and nine months ended March 31,~~ 2024 was $1022.38 million and $2522.25 million, respectively.

Common Stock ~~Repurchases.~~Repurchase Program

As of September 30, 2025, there was $148.1 million of share repurchase authorization remaining under the Compnay’s common stock repurchase program. The ~~following~~share ~~table~~repurchase ~~presents~~program will continue in effect until terminated by the Board of Directors of the Company. There were no common stock repurchases: pursuant to such program for the three months ended September 30, 2025 and 2024. For additional information regarding the Company’s share repurchase program, see Note 15—“Stockholders' Equity” in the 2025 Form 10-K.

	For the Three Months Ended March 31,				For the Nine Months Ended March 31,
(Dollars in thousands except per share data)	2025		2024		2025		2024
Total repurchase	$	27,870	$	595	$	27,870	$	83,781
Number of shares repurchased	434,327		12,101		434,327		2,267,610
Average price paid per share	$	64.17	$	49.22	$	64.17	$	36.95

As of March 31, 2025, there was $78.7 million of share repurchase authorization remaining. Of the repurchases made during three and nine months ended March 31, 2025, $2.0 million or 31,337 common shares, were traded on March 31, 2025, but settled in April 2025. The Company repurchased an additional 517,600 shares for approximately $30.3 million from April 1, 2025 through April 30, 2025. The share repurchase program will continue in effect until terminated by the Board of Directors of the Company. For additional information regarding the Company’s share repurchase program, see Note 15—“Stockholders' Equity” in the 2024 Form 10-K.

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At-the-Market Equity Offering

On January 28, 2025, the Company entered into an equity distribution agreement pursuant to which the Company may issue and sell through distribution agents from time to time shares of the Company’s common stock in at-the-market offerings with an aggregate offering price of up to $150,000,000. The Company will issue the stock pursuant to a previously effective registration statement and a prospectus supplement filed with the SEC on January 28, 2025. No shares of the Company’s common stock have been issued pursuant to this offering.

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Accumulated Other Comprehensive Income

AOCI includes the after-tax change in unrealized gains and losses on investment securities and cash flow hedging activities.

	For the Three Months Ended March 31, 2025
	For the Three Months Ended September 30, 2025
(Dollars in thousands)	Unrealized gain (loss) on available-for-sale securities		Cash flow hedges		Accumulated other comprehensive income
Balance at December 31, 2024	$	(1,931)	$	4,938	$	3,007
Balance at June 30, 2025	$	(780)	$	1,128	$	348
Other comprehensive income/(loss)	~~588~~254		(~~2,482~~538)		(~~1,894~~284)
Balance at March 31, 2025	$	(1,343)	$	2,456	$	1,113
Balance at September 30, 2025	$	(526)	$	590	$	64

	For the Three Months Ended March 31, 2024
	For the Three Months Ended September 30, 2024
(Dollars in thousands)	Unrealized gain (loss) on available-for-sale securities		Cash flow hedges		Accumulated other comprehensive income
Balance at December 31, 2023	$	(3,919)	$	—	$	(3,919)
Balance at June 30, 2024	$	(2,466)	$	—	$	(2,466)
Other comprehensive income/(loss)	~~855~~1,319		—382		~~855~~1,701
Balance at March 31, 2024	$	(3,064)	$	—	$	(3,064)
Balance at September 30, 2024	$	(1,147)	$	382	$	(765)

	For the Nine Months Ended March 31, 2025
(Dollars in thousands)	Unrealized gain (loss) on available-for-sale securities		Cash flow hedges		Accumulated other comprehensive income
Balance at June 30, 2024	$	(2,466)	$	—	$	(2,466)
Other comprehensive income/(loss)	1,123		2,456		3,579
Balance at March 31, 2025	$	(1,343)	$	2,456	$	1,113

	For the Nine Months Ended March 31, 2024
(Dollars in thousands)	Unrealized gain (loss) on available-for-sale securities		Cash flow hedges		Accumulated other comprehensive income
Balance at June 30, 2023	$	(6,610)	$	—	$	(6,610)
Other comprehensive income/(loss)	3,546		—		3,546
Balance at March 31, 2024	$	(3,064)	$	—	$	(3,064)

The following table presents the pre-tax and after-tax changes in the components of other comprehensive income.

	For the Three Months EndedMarch 31, 2025						For the Three Months EndedMarch 31, 2024
	For the Three Months EndedSeptember 30, 2025						For the Three Months EndedSeptember 30, 2024
(Dollars in thousands)	Pre-tax		Tax effect		After-tax		Pre-tax		Tax effect		After-tax
Unrealized gain/(loss) on investment securities:
Net unrealized gains/(losses) arising during the period	$	~~850~~350	$	(~~262~~96)	$	~~588~~254	$	1,~~211~~884	$	(~~356~~565)	$	~~855~~1,319
Reclassification adjustment for realized (gains)/losses included in net income	—		—		—		—		—		—
Net change	$	~~850~~350	$	(~~262~~96)	$	~~588~~254	$	1,~~211~~884	$	(~~356~~565)	$	~~855~~1,319
Cash flow hedges:
Net unrealized gains/(losses) arising during the period	$	~~(2,464)~~374	$	~~763~~(104)	$	~~(1,701)~~270	$	—553	$	—(171)	$	—382
Reclassification adjustment for realized (gains)/losses included in net income	(1,~~130~~118)		~~349~~310		(~~781~~808)		—		—		—
Net change	(~~3,594~~744)		~~1,112~~206		(~~2,482~~538)		—553		—(171)		—382
Total other comprehensive income/(loss)	$	(~~2,744~~394)	$	~~850~~110	$	(~~1,894~~284)	$	12,~~211~~437	$	(~~356~~736)	$	~~855~~1,701

9. EARNINGS PER COMMON SHARE

The following table presents the calculation of basic and diluted earnings per common share (“EPS”):


	Three Months Ended
	September 30,
(Dollars in thousands, except per share data)	2025		2024
Earnings Per Common Share
Net income	$	112,352	$	112,340
Average common shares issued and outstanding	56,512,587		56,934,671
Earnings per common share	$	1.99	$	1.97
Diluted Earnings Per Common Share

Average common shares issued and outstanding	56,512,587		56,934,671
Dilutive effect of average unvested RSUs	1,270,241		1,233,797
Average dilutive common shares outstanding	57,782,828		58,168,468
Diluted earnings per common share	$	1.94	$	1.93
Weighted average antidilutive common stock equivalents (excluded from the computation of EPS)	33,122		—

For further information regarding the Company’s EPS calculation, see Note 17—“Earnings per Common Share” in the 2025 Form 10-K.

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	For the Nine Months EndedMarch 31, 2025						For the Nine Months EndedMarch 31, 2024
(Dollars in thousands)	Pre-tax		Tax effect		After-tax		Pre-tax		Tax effect		After-tax
Unrealized gain/(loss) on investment securities:
Net unrealized gains/(losses) arising during the period	$	1,581	$	(458)	$	1,123	$	5,072	$	(1,526)	$	3,546
Reclassification adjustment for realized (gains)/losses included in net income	—		—		—		—		—		—
Net change	$	1,581	$	(458)	$	1,123	$	5,072	$	(1,526)	$	3,546
Cash flow hedges:
Net unrealized gains/(losses) arising during the period	$	6,162	$	(1,904)	$	4,258	$	—	$	—	$	—
Reclassification adjustment for realized (gains)/losses included in net income	(2,608)		806		(1,802)		—		—		—
Net change	3,554		(1,098)		2,456		—		—		—
Total other comprehensive income	$	5,135	$	(1,556)	$	3,579	$	5,072	$	(1,526)	$	3,546

10. COMMITMENTS AND CONTINGENCIES

8. EARNINGS PER COMMON SHARE

The following table presents the calculation of basic and diluted earnings per common share (“EPS”):

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
(Dollars in thousands, except per share data)	2025		2024		2025		2024
Earnings Per Common Share
Net income	$	105,206	$	110,720	$	322,233	$	345,136
Average common shares issued and outstanding	57,029,078		56,932,050		57,019,301		57,699,236
Earnings per common share	$	1.84	$	1.94	$	5.65	$	5.98
Diluted Earnings Per Common Share
Average common shares issued and outstanding	57,029,078		56,932,050		57,019,301		57,699,236
Dilutive effect of average unvested RSUs	1,145,618		1,105,648		1,008,579		1,008,579
Average dilutive common shares outstanding	58,174,696		58,037,698		58,027,880		58,707,815
Diluted earnings per common share	$	1.81	$	1.91	$	5.55	$	5.88
Weighted average antidilutive common stock equivalents (excluded from the computation of EPS)	11,426		723		4,668		24,524

For further information regarding the Company’s EPS calculation, see Note 17—“Earnings per Common Share” in the 2024 Form 10-K.

9. COMMITMENTS AND CONTINGENCIES

Credit-Related Financial Instruments. The Company is a party to credit-related financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments are commitments to extend credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Balance Sheets.

The Company’s exposure to credit loss is represented by the contractual amount of these commitments. The Company follows the same credit policies in making commitments as it does for on-balance-sheet instruments. ~~The following table presents a summary of off-balance sheet commitments.~~

Commitments to extend credit are agreements to lend to a customer so long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if it is deemed necessary by the Company, is based on management’s credit evaluation of the customer. For single family loans classified as held for sale, the Company matches unfunded commitments to originate loans with commitments to sell loans. The Company also has standby letters of credit commitments. The following table presents a summary of off-balance sheet commitments.

In addition, the Company has $29.0 million of commitments to contribute capital to LIHTC investments included in “Accounts payable and other liabilities” on the Consolidated Balance Sheets. See Note 12—“Other Assets” for additional information on LIHTC investments.


(dollars in thousands)	September 30, 2025
Commitments to fund loans	$	5,830,963
Commitments to sell loans	$	4,785
Standby letters of credit	$	9,566
Commitments to contribute capital - Non-LIHTC	$	3,494

In addition, the Company has $43.6 million of commitments to contribute capital to low-income housing tax credit (“LIHTC”) investments included in “Accounts payable and other liabilities” on the Consolidated Balance Sheets. See Note 13—“Other Assets” for additional information on LIHTC investments.

In the normal course of business, Axos Clearing LLC’s (“Axos Clearing”) customer activities involve the execution, settlement, and financing of various customer securities transactions. These activities may expose Axos Clearing to off-balance-sheet risk in the event the customer or other broker is unable to fulfill its contracted obligations and Axos Clearing has to purchase or sell the financial instrument underlying the contract at a loss. Axos Clearing’s clearing agreements with broker-dealers for which it provides clearing services requires them to indemnify Axos Clearing if customers fail to satisfy their contractual obligation.

Litigation. A consolidated derivative action, In re BofI Holding, Inc., Case No. 15cv2722GPC (KSC), was filed in the United States District Court for the Southern District of California (the “Derivative Action”). The complaint in the Derivative Action set forth allegations made in a related employment action, Erhart v. BofI Holding Inc., No. 15cv2287 BAS (NLS) (S.D. Cal.) (the “Employment Action”) brought by a former employee of the Company and was stayed pending resolution of the Employment Action. On October 4, 2023, the court hearing the Employment Action entered a final amended judgment awarding damages and attorneys’ fees to the plaintiff. The defendant filed a Notice of Appeal from the Employment Action judgment and all orders merged therein, and the parties have filed opening and responsive briefs and an oral argument was held on January 15, 2025. On January 2, 2024, the Derivative Action plaintiff filed a Third Amended Complaint. On March 5, 2024, the court stayed the case until resolution of the appeal in the Employment Action. On February 6, 2025, the appellate court affirmed the jury’s verdict in the Employment Action in a short, unpublished decision. On July 24, 2025, the Employment Action defendant filed a petition for writ of certiorari asking the United States Supreme Court to review the appellate court’s decision. On October 6, 2025 the United States Supreme Court denied said petition. The Derivative Action defendants filed a Motion to Dismiss the Third Amended Complaint on April 4, 2025. A hearing on the motion was held on June 26, 2025. On September 18, 2025, the court granted defendants’ motion to dismiss with prejudice citing Plaintiffs’ failure to plead demand futility. On October 17, 2025, Plaintiffs filed a Notice of Appeal to the United States Court of Appeals for the Ninth Circuit. Such defendants dispute, and intend to continue vigorously defending against, the allegations raised in the Third Amended Complaint. The Derivative Action plaintiff seeks damages on behalf of the Company with respect to the Employment Action and also seeks damages on behalf of the Company in connection with a now settled securities class action that was also based upon allegations made in the Employment Action and settled within available insurance coverage without attribution of wrongdoing to the Company, its management, or its directors.

The following three putative class action lawsuits are pending in the United States District Court, Southern District of California, under the following case names and numbers: (1) In re Axos Bank d/b/a UFB Direct Litigation, 3:23-cv-02266-BJC-DTF; (2) Pliszka et al. v. Axos Bank d/b/a UFB Direct, Case No. 3:24-cv-00445-BJC-DTF; and (3) Ash et al. v. Axos Bank d/b/a UFB Direct, Case No. 3:24-cv-01157-BJC-DTF (collectively, the “UFB Actions”). The plaintiffs in the UFB Actions allege that certain rate representations made by Axos Bank with respect to its UFB products were false or misleading. Axos Bank filed

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(dollars in thousands)	March 31, 2025
Commitments to fund loans	$	5,191,149
Commitments to sell loans	$	5,298
Standby letters of credit	$	1,988
Commitments to contribute capital	$	3,514

a motion to compel arbitration or dismiss the complaint in each of the UFB Actions. On September 13, 2024, the court entered an order compelling arbitration in each lawsuit. Accordingly, a separate AAA arbitration was initiated with respect to each of the UFB Actions. On March 26, 2025, the arbitrator in the Pliszka arbitration proceedings issued an order finding that none of the claims raised are subject to arbitration, dismissing the arbitration and remanding the case back to the United States District Court. A similar conclusion was reached by the arbitrator in the Ash arbitration via an order issued on June 3, 2025. The arbitrator in the Stempel arbitration reached a contrary conclusion and entered an order finding the claims to be arbitrable on June 5, 2025. On October 11, 2024, Defendant filed an appeal seeking to enforce Defendant’s updated/modified Account Agreement and Online Access Agreement in Stempel, Pliszka and Ash. Defendant’s opening brief in such appeal was filed July 11, 2025. On September 9, 2025, the court in the Consolidated Action granted Defendant’s renewed motion to compel arbitration. Defendant disputes, and intends to vigorously defend against, the allegations raised in the UFB Actions. The Company does not expect the ultimate outcome of the UFB Actions to have a material adverse effect on its consolidated results of operations, financial position or cash flows. It is not presently possible to state whether the likelihood of an unfavorable outcome is probable or remote, or to estimate the amount or range of any possible loss to the Company should an unfavorable outcome occur.

~~In the normal course of business, Axos Clearing LLC’s (“Axos Clearing”) customer activities involve the execution, settlement, and financing of various customer securities transactions~~11. SEGMENT ~~These~~REPORTING ~~activities~~AND ~~may~~REVENUE expose Axos Clearing to off-balance-sheet risk in the event the customer or other broker is unable to fulfill its contracted obligations and Axos Clearing has to purchase or sell the financial instrument underlying the contract at a loss. Axos Clearing’s clearing agreements with broker-dealers for which it provides clearing services requires them to indemnify Axos Clearing if customers fail to satisfy their contractual obligation.INFORMATION

~~Litigation.~~Segment ~~A consolidated derivative action, In re BofI Holding, Inc~~Reporting., ~~Case No. 15cv2722 GPC (KSC), is pending before the United States District Court for the Southern District of California (the “Derivative Action”).~~ The ~~complaint~~operating insegments ~~the~~reported ~~Derivative~~below ~~Action~~are ~~sets forth allegations made in a related employment action, Erhart v. BofI Holding Inc., No. 15cv2287 BAS (NLS) (S.D. Cal.) (~~the ~~“Employment~~segments ~~Action”) brought by a former employee~~ of the Company ~~and~~for ~~was~~which ~~stayed~~separate ~~pending~~financial ~~resolution~~information ofis ~~the~~available ~~Employment Action. On October 4, 2023, the court hearing the Employment Action entered a final amended judgment awarding damages~~ and ~~attorneys’~~for ~~fees~~which tosegment ~~the~~results ~~plaintiff.~~are ~~The~~evaluated ~~defendant~~regularly ~~filed~~by ~~a Notice of Appeal from~~ the ~~Employment~~Chief ~~Action~~Executive ~~judgment and all orders merged therein~~Officer, ~~and~~who ~~the~~is ~~parties have filed opening and responsive briefs and an oral argument was held on January 15, 2025. On January 2, 2024,~~ the ~~Derivative~~Chief ~~Action~~Operating ~~plaintiff~~Decision ~~filed~~Maker ~~a Third Amended Complaint. On March 5~~(“CODM”), ~~2024, the court stayed the case until resolution of the appeal~~ in ~~the~~deciding ~~Employment~~how ~~Action.~~to Onallocate ~~February~~resources 6,and ~~2025, the appellate court affirmed the jury’s verdict~~ in ~~the~~assessing ~~Employment Action in a short, unpublished decision~~performance. The ~~Employment~~operating ~~Action~~segments ~~defendant~~and issegment ~~exploring~~results ~~a further appeal~~ of the ~~verdict.~~Company ~~The~~are ~~Derivative~~determined ~~Action~~based ~~defendants~~upon ~~filed a Motion to Dismiss~~ the ~~Third~~management ~~Amended~~reporting ~~Complaint on April 4~~system, ~~2025.~~which ~~Such~~assigns ~~defendants~~balance ~~dispute,~~sheet and ~~intend~~income tostatement ~~vigorously~~items ~~defend~~to ~~against,~~each ~~the allegations raised in the Third Amended Complaint. The Derivative Action plaintiff seeks damages on behalf~~ of the ~~Company~~business ~~with~~segments ~~respect to the Employment Action~~ and ~~also~~by ~~seeks~~which ~~damages~~segment onresults ~~behalf~~are ofevaluated by the ~~Company~~CODM in ~~connection~~deciding ~~with~~how ato ~~now~~allocate ~~settled~~resources ~~securities~~and ~~class action that was also based upon allegations made~~ in ~~the~~assessing ~~Employment Action and settled within available insurance coverage without attribution of wrongdoing to the Company, its management, or its directors~~performance.

OnThe ~~October~~Company ~~26,~~evaluates ~~2022,~~performance aand ~~jury~~allocates ~~verdict~~resources ~~was~~based ~~reached~~on inpre-tax ~~the~~profit ~~case~~or ofloss ~~MUFG~~from ~~Union~~operations ~~Bank,~~in ~~N.A.~~conjunction v.with ~~Axos~~its ~~Bank,~~corporate etstrategy. ~~al,~~Salaries ~~awarding~~and ~~damages~~related tocosts ~~MUFG~~represent ~~Union~~the ~~Bank,~~significant ~~N.A.~~segment Onexpense ~~March~~that ~~21,~~is ~~2025,~~regularly ~~the~~provided ~~Company~~to ~~paid~~the ~~all~~CODM. For ~~amounts~~more ~~owed~~information ~~under~~on the ~~judgment~~Company’s atoperating ansegments, ~~amount~~see ~~less~~Note ~~than~~22—“Segment ~~previously~~Reporting” ~~accrued~~in the 2025 Form 10-K.

~~The following three putative class action lawsuits are pending in the United States District Court, Southern District of California, under the following case names and numbers: (1)~~ In reorder Axos Bank d/b/a UFB Direct Litigation, 3:23-cv-02266-BJC-DTF; (2) Pliszka et al. v. Axos Bank d/b/a UFB Direct, Case No. 3:24-cv-00445-BJC-DTF; and (3) Ash et al. v. Axos Bank d/b/a UFB Direct, Case No. 3:24-cv-01157-BJC-DTF (collectively, the “UFB Actions”). The plaintiffs in the UFB Actions allege that certain rate representations made by Axos Bank with respect to ~~its~~reconcile ~~UFB products were false or misleading. Axos Bank filed a motion to compel arbitration or dismiss~~ the ~~complaint~~two insegments ~~each of the UFB Actions. On September 13, 2024, the court entered an order compelling arbitration in each lawsuit. Accordingly, a separate AAA arbitration was initiated with respect~~ to ~~each of~~ the ~~UFB~~consolidated ~~Actions. On March 26~~totals, ~~2025,~~ the ~~arbitrator~~Company inincludes ~~one~~corporate ofactivities ~~the arbitration proceedings issued an order finding that none of the claims raised are subject to arbitration, dismissing the arbitration~~ and ~~remanding~~intercompany ~~the case back to the United States District Court~~eliminations. There have been no determinations as to the eligibility of arbitration in the two remaining arbitrations. All defendants dispute, and intend to vigorously defend against, the allegations raised in the UFB Actions. The ~~Company~~following ~~does~~tables ~~not~~present ~~expect~~ the ~~ultimate~~operating ~~outcome of the UFB Actions to have a material adverse effect on its consolidated~~ results ~~of operations~~, ~~financial position or cash flows. It is not presently possible to state whether the likelihood of an unfavorable outcome is probable or remote~~goodwill, orand toassets ~~estimate the amount or range~~ of ~~any possible loss to~~ the ~~Company should an unfavorable outcome occur.~~segments:

10. SEGMENT REPORTING AND REVENUE INFORMATION


	For the Three Months Ended September 30, 2025
(Dollars in thousands)	Banking Business Segment		Securities Business Segment		Corporate/Eliminations		Axos Consolidated
Net interest income	$	287,200	$	8,194	$	(4,344)	$	291,050
Provision for credit losses	17,255		—		—		17,255
Non-interest income1	12,375		29,457		(9,492)		32,340
Salaries and related costs	55,340		14,750		6,515		76,605
Other segment items2	73,153		14,617		(8,129)		79,641
Non-interest expense1	128,493		29,367		(1,614)		156,246
Income before taxes	$	153,827	$	8,284	$	(12,222)	$	149,889

	For the Three Months Ended September 30, 2024
(Dollars in thousands)	Banking Business Segment		Securities Business Segment		Corporate/Eliminations		Axos Consolidated
Net interest income	$	288,492	$	7,267	$	(3,711)	$	292,048
Provision for credit losses	14,000		—		—		14,000
Non-interest income1	8,590		29,902		(9,883)		28,609
Salaries and related costs	51,957		14,725		7,611		74,293
Other segment items2	66,358		13,366		(6,552)		73,172
Non-interest expense1	118,315		28,091		1,059		147,465
Income before taxes	$	164,767	$	9,078	$	(14,653)	$	159,192
1 Includes $9.7 million and $10.6 million for the three months ended September 30, 2025 and 2024, respectively, of non-interest income earned by the Securities Business Segment and non-interest expense incurred by the Banking Business Segment for cash sorting fees related to deposits sourced from Securities Business Segment customers. 2 Other segment items includes the non-interest expenses other than salaries and related costs as presented in the Consolidated Statements of Income.

Segment Reporting. The operating segments reported below are the segments of the Company for which separate financial information is available and for which segment results are evaluated regularly by the Chief Executive Officer in deciding how to allocate resources and in assessing performance. The operating segments and segment results of the Company are determined based upon the management reporting system, which assigns balance sheet and income statement items to each of the business segments.

The Company evaluates performance and allocates resources based on pre-tax profit or loss from operations. Certain corporate administration costs have not been allocated to the reportable segments. The Company operates through two

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operating segments: Banking Business Segment and Securities Business Segment. Inter-segment transactions are eliminated in consolidation and primarily include non-interest income earned by the Securities Business Segment and non-interest expense incurred by the Banking Business Segment for cash sorting fees related to deposits sourced from Securities Business Segment customers. For more information on the Company’s operating segments, see Note 22—“Segment Reporting” in the 2024 Form 10-K.



	As of September 30, 2025
(Dollars in thousands)	Banking Business Segment		Securities Business Segment		Corporate/Eliminations		Axos Consolidated
Goodwill	$	89,588	$	59,953	$	1,999	$	151,540
Total Assets	$	26,536,563	$	841,882	$	53,372	$	27,431,817

	As of June 30, 2025
(Dollars in thousands)	Banking Business Segment		Securities Business Segment		Corporate/Eliminations		Axos Consolidated
Goodwill	$	35,721	$	59,953	$	1,999	$	97,673
Total Assets	$	23,988,748	$	751,820	$	42,510	$	24,783,078

InRevenue ~~order~~Information. toThe ~~reconcile~~following ~~the~~presents ~~two~~non-interest ~~segments~~income, tosegregated ~~the~~by ~~consolidated~~revenue ~~totals,~~streams ~~the~~in-scope ~~Company~~and ~~includes~~out-of-scope ~~corporate~~of ~~activities~~Accounting ~~and~~Standards ~~intercompany~~Codification ~~eliminations~~(“ASC”) 606 for the periods indicated. ~~The~~For ~~following~~additional ~~tables~~information ~~present~~on the ~~operating~~Company’s ~~results,~~recognition ~~goodwill~~of revenue and ASC 606, see Note 1—“Organizations and ~~assets~~Summary of Significant Accounting Policies” in the ~~segments:~~2025 Form 10-K.

	For the Three Months Ended March 31, 2025
	For the Three Months Ended
(Dollars in thousands)	Banking Business Segment		Securities Business Segment		Corporate/Eliminations		Axos Consolidated
	September 30,
Net interest income	$	272,260	$	6,942	$	(3,738)	$	275,464
(Dollars in thousands)	2025		2024
Provision for credit losses	14,500		—		—		14,500
Advisory fee income	$	8,525	$	7,945
Non-interest income	12,666		30,611		(9,904)		33,373
Broker-dealer clearing fees	5,814		5,072
Non-interest expense	118,325		28,416		(480)		146,261
Deposit service fees	1,168		773
Income before taxes	$	152,101	$	9,137	$	(13,162)	$	148,076
Card fees	516		923
	For the Three Months Ended March 31, 2024
Bankruptcy trustee and fiduciary service fees	569		1,289
(Dollars in thousands)	Banking Business Segment		Securities Business Segment		Corporate/Eliminations		Axos Consolidated
Non-interest income (in-scope of ASC 606)	16,592		16,002
Net interest income	$	258,435	$	7,133	$	(3,962)	$	261,606
Non-interest income (out-of-scope of ASC 606)	15,748		12,607
Provision for credit losses	6,000		—		—		6,000
Total non-interest income	$	32,340	$	28,609
Non-interest income	11,908		32,746		(11,491)		33,163
Non-interest expense	104,959		32,488		(4,219)		133,228
Income before taxes	$	159,384	$	7,391	$	(11,234)	$	155,541
	For the Nine Months Ended March 31, 2025
(Dollars in thousands)	Banking Business Segment		Securities Business Segment		Corporate/Eliminations		Axos Consolidated
Net interest income	$	837,472	$	21,216	$	(11,077)	$	847,611
Provision for credit losses	40,748		—		—		40,748
Non-interest income	24,204		89,517		(23,940)		89,781
Non-interest expense	351,176		84,685		3,185		439,046
Income before taxes	$	469,752	$	26,048	$	(38,202)	$	457,598
	For the Nine Months Ended March 31, 2024
(Dollars in thousands)	Banking Business Segment		Securities Business Segment		Corporate/Eliminations		Axos Consolidated
Net interest income	$	694,289	$	18,755	$	(11,677)	$	701,367
Provision for credit losses	26,500		—		—		26,500
Non-interest income	128,244		99,942		(36,387)		191,799
Non-interest expense	308,027		87,979		(20,433)		375,573
Income before taxes	$	488,006	$	30,718	$	(27,631)	$	491,093
	As of March 31, 2025
(Dollars in thousands)	Banking Business Segment		Securities Business Segment		Corporate/Eliminations		Axos Consolidated
Goodwill	$	35,721	$	59,953	$	1,999	$	97,673
Total Assets	$	23,206,934	$	767,441	$	6,779	$	23,981,154
	As of June 30, 2024
(Dollars in thousands)	Banking Business Segment		Securities Business Segment		Corporate/Eliminations		Axos Consolidated
Goodwill	$	35,721	$	59,953	$	1,999	$	97,673
Total Assets	$	22,165,627	$	649,254	$	40,453	$	22,855,334

12. BORROWINGS, SUBORDINATED NOTES AND DEBENTURES

Subordinated Notes. On September 19, 2025, the Company completed the issuance of $200 million aggregate principal amount of the Company’s 7.00% Fixed-to-Floating Rate Subordinated Notes (the “2035 Notes”). The 2035 Notes are obligations only of Axos Financial, Inc. The 2035 Notes mature on October 1, 2035 and accrue interest at a fixed rate per annum equal to 7.00%, payable semi-annually in arrears on April 1 and October 1 of each year during the fixed period, commencing on October 1, 2025. From and including October 1, 2030, to, but excluding October 1, 2035 or the date of early redemption, the 2035 Notes will bear interest at a floating rate per annum equal to three-month term SOFR plus a spread of 379 basis points, payable quarterly in arrears on January 1, April 1, July 1 and October 1 of each year, commencing on January 1, 2031. The 2035 Notes may be redeemed on or after October 1, 2030, which date may be extended at the Company’s discretion, at a redemption price equal to principal plus accrued and unpaid interest, subject to certain conditions. Fees and costs incurred in connection with the debt offering amortize to “Interest expense - Other borrowings” in the Condensed Consolidated Statements of Income over the term of the 2035 Notes.

On October 1, 2025, the Company completed the redemption of the $160.5 million aggregate principal amount outstanding of its 4.875% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “2030 Notes”), which were set to begin their floating period on such date. The 2030 Notes were redeemed for cash by the Company at 100% of their principal amount, plus accrued and unpaid interest, in accordance with the terms of the indenture governing the 2030 Notes. Remaining unamortized deferred financing costs associated with such notes were expensed and included under “Interest expense - Other borrowings” in the Condensed Consolidated Statements of Income.

For information on secured financings issued by variable interest entities (“VIEs”) consolidated by the Company, see Note 14— “Variable Interest Entities,” and for additional information on other borrowings, see Note 13—“Borrowings, Subordinated Notes and Debentures” in the 2025 Form 10-K.

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~~Revenue Information~~13. OTHER The following presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Accounting Standards Codification (“ASC”) 606 for the periods indicated. For additional information on the Company’s recognition of revenue and ASC 606, see Note 1—“Organizations and Summary of Significant Accounting Policies” in the 2024 Form 10-K.ASSETS

	For the Three Months Ended				For the Nine Months Ended
	March 31,				March 31,
(Dollars in thousands)	2025		2024		2025		2024
Advisory fee income	$	8,120	$	8,105	$	24,047	$	23,686
Broker-dealer clearing fees	6,002		4,885		16,780		16,488
Deposit service fees	924		525		4,234		3,619
Card fees	589		495		2,195		1,909
Bankruptcy trustee and fiduciary service fees	351		1,418		2,746		4,209
Non-interest income (in-scope of ASC 606)	15,986		15,428		50,002		49,911
Non-interest income (out-of-scope of ASC 606)	17,387		17,735		39,779		141,888
Total non-interest income	$	33,373	$	33,163	$	89,781	$	191,799

“Other Assets” in the Consolidated Balance Sheets primarily comprises bank-owned life insurance (“BOLI”), accrued interest receivable, derivatives, net deferred income tax assets, furniture, equipment and software, right-of-use lease assets, LIHTC investments and other receivables. For additional information on other assets, see Note 9—“Other Assets” in the 2025 Form 10-K. For additional information on accrued interest receivable, see Note 5—“Loans & Allowance for Credit Losses,” and for additional information on derivatives, see Note 6—“Derivatives.”

11. BORROWINGS, SUBORDINATED NOTES AND DEBENTURES

Subordinated Notes. 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 resulting in a pre-tax non-cash gain on extinguishment of $0.4 million, after accounting for unamortized issuance costs and accrued interest. 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 resulting in a pre-tax non-cash gain on extinguishment of $0.2 million, after accounting for unamortized issuance costs and accrued interest. The non-cash gains are recorded in “General and administrative expense” in the condensed Consolidated Statements of Income for the nine months ended March 31, 2025. For additional information on borrowings, see Note 13—“Borrowings, Subordinated Notes and Debentures” in the 2024 Form 10-K.

12. OTHER ASSETS

“Other Assets” in the Consolidated Balance Sheets primarily comprises bank-owned life insurance (“BOLI”), accrued interest receivable, derivatives, net deferred income tax assets, furniture, equipment and software, right-of-use lease assets, LIHTC investments and other receivables. For additional information on other assets, see Note 9—“Other Assets” in the 2024 Form 10-K. For additional information on accrued interest receivable, see Note 4—“Loans & Allowance for Credit Losses,” for additional information on derivatives, see Note 5—“Derivatives.”

BOLI. The Company purchased $100 million of BOLI policies on the lives of certain executives of the Company during the nine months ended March 31, 2025. The Company is the owner and sole beneficiary of the policies.

LIHTC Investments. The Company recognized the following income and tax benefits for its LIHTC investments.

For the Three Months Ended March 31,

For the Nine Months Ended March 31,

For the Three Months Ended September 30,

(Dollars in thousands)

2025

2024

~~2025~~

~~2024~~

Tax credits recognized

12,~~476~~282

~~854~~1,420

~~4,282~~

~~2,562~~

Other tax benefits recognized

~~485~~1,090

~~269~~312

~~953~~

~~713~~

Amortization

(12,~~747~~564)

(~~826~~1,406)

~~(4,400)~~

~~(2,349)~~

Net benefit (expense) included in income tax expense

~~214~~808

~~297~~326

~~835~~

~~926~~

Other income (loss) included in banking and service fees

—9

—

Net benefit (expense) included in the Consolidated Statements of Income

~~214~~817

~~297~~326

~~835~~

~~928~~

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The Company recognized the following investments on its balance sheets.

(Dollars in thousands)

As of ~~March~~September 3130, 2025

As of June 30, ~~2024~~2025

LIHTC investments

6182,~~472~~311

6584,~~873~~875

LIHTC unfunded commitments1

2843,~~980~~555

4047,~~617~~381

1LIHTC unfunded commitments are included in “Accounts Payable and Other Liabilities” on the Consolidated Balance Sheets.

For the three ~~and nine~~ months ended ~~March~~September 3130, 2025 and 2024, there have been no significant modifications or events that resulted in the change in the nature of the LIHTC investments or any changes in the relationship with the underlying project.

For the three ~~and nine~~ months ended ~~March~~September 3130, 2025 and 2024, there has been no impairment loss recognized from the forfeiture or ineligibility of income tax credits.

14. VARIABLE INTEREST ENTITIES

The Company consolidated the results of operations and financial position of three lending-related entities, which it considers VIEs. The Company consolidated these VIEs because it or its subsidiaries is deemed to be the primary beneficiary since the Company or its subsidiaries has the power to direct the loan servicing or portfolio management activities, which are the activities that most significantly affect the VIEs’ economic performance, and the Company or its subsidiaries has the obligation to absorb the majority of the losses or benefits through ownership of all of the secured financings issued by the trusts. For these VIEs, the loans transferred to the VIEs are pledged as collateral to the related secured financings.

In addition, through its acquisition of Verdant, the Company acquired additional variable interests in certain securitization trusts. Following the acquisition, the Company performed an assessment and determined it continues to direct the activities that most significantly affect the acquired VIEs’ economic performance, and the Company has the obligation to absorb the majority of the losses or benefits of such acquired variable interests. As a result, the Company determined it is the primary beneficiary and continues to consolidate the VIEs as of September 30, 2025.

For these VIEs, including those acquired in the Verdant acquisition, the loans transferred to the VIEs are pledged as collateral to the related secured financings.

The following table provides a summary of the assets and liabilities of consolidated VIEs in the Company’s Condensed Consolidated Balance Sheets.

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(Dollars in thousands)	As of September 30, 2025		As of June 30, 2025

Restricted cash	$	34,836	$	—
Loans—net of allowance for credit losses	1,876,611		1,276,101
Other assets	158,353		—
Secured financings	753,501		—
Accounts payable and other liabilities	2,207		—

As part of its securitization activities, Verdant issued a series of notes to provide additional financing to its business. The notes outstanding as of September 30, 2025 are included in “Secured financings” in the Company’s Condensed Consolidated Balance Sheet and are summarized in the below table:

Series

Classes

Interest Rate Range

Maturity Date / Range

Outstanding Principal at September 30, 2025

(Dollars in thousands)

2022-01

Class A, B, C, D

6.59% to 8.67%

February 2030

14,963

2023-01

Class A-1, A-2, B, C, D

6.05% to 7.75%

January 2031

129,906

2024-01

Class A-1, A-2, B, C, D

5.68% to 7.23%

December 2031

215,938

2025-01

Class A-1, A-2, A-3, B, C, D

4.66% to 6.49%

March 2028 to

May 2033

376,161

Total

736,968

For additional information on the Verdant acquisition, see Note 2, “Acquisitions.”

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ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion provides information about the results of operations, financial condition, liquidity, and capital resources of Axos Financial, Inc. and subsidiaries (collectively, “we”, “us” or the “Company”). This information is intended to facilitate the understanding and assessment of significant changes and trends related to our financial condition and the results of our operations. This discussion and analysis should be read in conjunction with our financial information in our ~~2024~~2025 Form 10-K, and the interim unaudited condensed consolidated financial statements and notes thereto contained in this report.

Some matters discussed in this report may constitute forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and as such, may involve risks and uncertainties. These forward-looking statements can be identified by the use of terminology such as “estimate,” “project,” “anticipate,” “expect,” “intend,” “believe,” “will,” or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. These forward-looking statements relate to, among other things, the Company’s financial prospects and other projections of our performance and asset quality, our deposit balances and capital ratios, our ability to continue to grow profitably and increase our business, our ability to continue to diversify lending and deposit franchises, the anticipated timing and financial performance of other offerings, initiatives, and acquisitions, expectations of the environment in which we operate and projections of future performance. Actual results and the timing of events could differ materially from those expressed or implied in such forward-looking statements as a result of risks and uncertainties, including without limitation our ability to successfully integrate acquisitions and realize the anticipated benefits of the transactions, changes in the interest rate environment, monetary policy, inflation, tariffs, government regulation, general economic conditions, changes in the competitive marketplace, conditions in the real estate markets in which we operate, risks associated with credit quality, our ability to attract and retain deposits and access other sources of liquidity, and the outcome and effects of litigation and other factors beyond our reasonable control. These and other risks and uncertainties are discussed under the heading “Item 1A. Risk Factors” herein and in our ~~2024~~2025 Form 10-K, which has been filed with the SEC, could cause actual results to differ materially from those expressed or implied in any forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this report. All forward-looking statements are qualified in their entirety by this cautionary statement, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All written and oral forward-looking statements made in connection with this report, which are attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing information.

General

Our Company is a technology-driven, diversified financial services company with approximately $2427.04 billion in assets and approximately $3743.1 0 billion of assets under custody and/or administration at Axos Clearing LLC (“Axos Clearing”). Our client-centric, technology platforms provide secure and scalable banking, clearing and custody, and investment advisory solutions to retail and business customers. Axos Bank (the “Bank”) provides consumer and commercial banking products through its digital online and mobile banking platforms, low-cost distribution channels and affinity partners. Our Bank offers deposit and lending products to customers nationwide including consumer and business checking, savings and time deposit accounts and single family and multifamily residential mortgages, commercial real estate mortgages and loans, fund and lender finance loans, asset-based loans, auto loans and other consumer loans. Our Bank generates non-interest income from consumer and business products, including fees from loans originated for sale, deposit account service fees, prepayment fees, as well as technology and payment transaction processing fees. We offer securities products and services to independent registered investment advisors (“RIAs”) and introducing broker dealers (“IBDs”) through Axos Clearing and Axos Advisor Services (“AAS”) and direct-to-consumer securities trading and digital investment management products through Axos Invest, Inc. (“Axos Invest”). AAS and Axos Clearing generate interest and fee income by providing comprehensive securities custody services to RIAs and clearing, stock lending and margin lending services to IBDs, respectively. Axos Invest generates fee income from self-directed securities trading and margin lending and fee income from digital wealth management services to consumers. Our common stock is listed on the New York Stock Exchange under the ticker symbol “AX” and is a component of the Russell 2000® Index, ~~the~~and ~~KBW Nasdaq Financial Technology Index,~~ the S&P SmallCap 600® Index, ~~and~~among ~~the~~other ~~Travillian Tech-Forward Bank Index~~indices.

Axos Financial, Inc. is supervised and regulated as a savings and loan holding company that has elected to be treated as a financial holding company by the Board of Governors of the Federal Reserve System (the “Federal Reserve”) and is required to file reports with, comply with the rules and regulations of, and is subject to examination by, the Federal Reserve.

Our Bank is a federal savings association, which has elected to operate as a covered savings association. The Bank is regulated by the Office of the Comptroller of the Currency (“OCC”), and the Federal Deposit Insurance Corporation (“FDIC”) as its deposit insurer. The Bank must file reports with the OCC and the FDIC concerning its activities and financial condition.

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~~as its deposit insurer. The Bank must file reports with the OCC and the FDIC concerning its activities and financial condition.~~ As a depository institution with more than $10 billion in assets, our Bank and our affiliates are subject to direct supervision by the Consumer Financial Protection Bureau.

Axos Clearing is a broker-dealer registered with the SEC and the Financial Industry Regulatory Authority, Inc. (“FINRA”). Axos Invest is a Registered Investment Advisor under the Investment Advisers Act of 1940, that is registered with the SEC. Axos Invest LLC is an IBD that is registered with the SEC and FINRA.

~~FDIC~~Mergers ~~Loan~~and ~~Purchase~~Acquisitions

On ~~December~~September 730, ~~2023~~2025, the Company ~~acquired~~completed ~~from~~ the ~~FDIC~~acquisition ~~two~~of ~~loan~~100% ~~portfolios~~of ~~with~~the anmembership ~~aggregate~~interests ~~unpaid~~in ~~principal~~Verdant ~~balance~~Commercial ofCapital, ~~$1.3~~LLC ~~billion~~(“Verdant”) atin aan ~~37%~~all-cash ~~discount~~transaction, towhich ~~par.~~increases ~~Given~~ the ~~level~~Company’s ofscale ~~discount~~and atenhances ~~which~~ the ~~loans~~Company’s ~~were~~existing ~~purchased,~~equipment ~~the~~leasing ~~yield~~business. ~~over~~As ~~the~~part ~~remaining life~~ of the ~~loans~~acquisition, isthe ~~expected~~Company toacquired, ~~exceed~~among ~~that~~other ofassets ~~the~~and ~~Company’s~~liabilities, ~~existing~~approximately ~~loan~~$1.0 ~~portfolio~~billion ~~prior~~of toloans ~~the~~and ~~FDIC~~leases ~~Loan~~(including ~~Purchase~~$211.0 ~~For~~million ~~additional~~of ~~information~~PCD onassets) ~~the~~and ~~FDIC~~$212.6 million ~~Loan~~of ~~Purchase,~~equipment ~~see~~under ~~Note~~operating ~~2—“Acquisitions”~~lease ~~in the 2024 Form 10-K~~arrangements.

For additional information on this acquisition, see Note 2, “Acquisitions” in the accompanying interim condensed consolidated financial statements.

Segment Information

The Company determines reportable segments based on what separate financial information is available and what segment results are evaluated regularly by the Chief Executive Officer in deciding how to allocate resources and in assessing performance. We operate through two segments: the Banking Business Segment and the Securities Business Segment.

Banking Business Segment. The Banking Business Segment includes a broad range of banking services including online banking, concierge banking, and mortgage, vehicle and unsecured lending through online, low-cost distribution channels to serve the needs of consumers and small businesses nationally. In addition, the Banking Business Segment focuses on providing deposit products nationwide to industry verticals (e.g., Title and Escrow), treasury management products to a variety of businesses, and commercial & industrial and commercial real estate lending to clients. The Banking Business Segment includes a bankruptcy trustee and fiduciary service that provides specialized software and consulting services to Chapter 7 bankruptcy and non-Chapter 7 trustees and fiduciaries.

Securities Business Segment. The Securities Business Segment includes the clearing broker-dealer, registered investment advisor custody business, and introducing broker-dealer lines of businesses. These lines of business offer products independently to their own customers as well as to Banking Business Segment clients.

Critical Accounting Estimates

The following discussion and analysis of our financial condition and results of operations is based upon our unaudited condensed consolidated financial statements and the notes thereto, which have been prepared in accordance with GAAP. The preparation of these unaudited condensed consolidated financial statements requires us to make a number of estimates and assumptions that affect the reported amounts and disclosures in the unaudited condensed consolidated financial statements. On an ongoing basis, we evaluate our estimates and assumptions based upon historical experience and various factors and circumstances. We believe our estimates and assumptions are reasonable under the circumstances. However, actual results may differ significantly from these estimates and assumptions and could have a material effect on the carrying value of assets and liabilities, our results of operations and/or our cash flows.

Critical accounting estimates are those we consider most important to the portrayal of our financial condition and results of operations because they require our most difficult judgments, often as a result of the need to make estimates that are inherently uncertain. Our critical accounting estimates are described in detail in the ~~2024~~2025 Form 10-K in Note 1—“Organizations and Summary of Significant Accounting Policies” and Item 7—“Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates.”

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