AXOS FINANCIAL, INC., 10-K filed on 8/21/2025
Annual Report
v3.25.2
Cover Page - USD ($)
 12 Months Ended
Jun. 30, 2025
Aug. 08, 2025
Dec. 31, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Jun. 30, 2025    
Current Fiscal Year End Date --06-30    
Document Transition Report false    
Entity File Number 001-37709    
Entity Registrant Name AXOS FINANCIAL, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 33-0867444    
Entity Address, Address Line One 9205 West Russell Road, Suite 400    
Entity Address, City or Town Las Vegas    
Entity Address, State or Province NV    
Entity Address, Postal Zip Code 89148    
City Area Code (858)    
Local Phone Number 649-2218    
Title of 12(b) Security Common stock, $.01 par value    
Trading Symbol AX    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 2,569,884,738
Entity Common Stock, Shares Outstanding   56,486,144  
Documents Incorporated by Reference
Portions of the registrant’s definitive Proxy Statement for the registrant’s 2025 Annual Meeting of Stockholders are incorporated by reference into Part III.
    
Entity Central Index Key 0001299709    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.25.2
Audit Information
 12 Months Ended
Jun. 30, 2025
Audit Information [Abstract]  
Auditor Name BDO USA, P.C.
Auditor Location San Diego, CA
Auditor Firm ID 243
v3.25.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
ASSETS    
Cash and cash equivalents $ 1,933,845 $ 1,979,979
Restricted cash 242,509 205,797
Total cash, cash equivalents and restricted cash 2,176,354 2,185,776
Trading securities 649 353
Available-for-sale securities 66,008 141,611
Stock of regulatory agencies 35,163 21,957
Loans held for sale, carried at fair value 10,012 16,482
Loans—net of allowance for credit losses of $290,049 as of June 30, 2025 and $260,542 as of June 30, 2024 21,049,610 19,231,385
Servicing rights, carried at fair value 27,218 28,924
Securities borrowed 139,396 67,212
Customer, broker-dealer and clearing receivables 252,720 240,028
Goodwill and other intangible assets—net 134,502 141,769
Other assets 891,446 779,837
TOTAL ASSETS 24,783,078 22,855,334
Deposits:    
Non-interest-bearing 3,040,696 2,975,631
Interest-bearing 17,788,847 16,383,586
Total deposits 20,829,543 19,359,217
Advances from the Federal Home Loan Bank 60,000 90,000
Borrowings, subordinated notes and debentures 312,671 325,679
Securities loaned 139,426 74,177
Customer, broker-dealer and clearing payables 350,606 301,127
Accounts payable and other liabilities 410,155 414,538
Total liabilities 22,102,401 20,564,738
COMMITMENTS AND CONTINGENCIES (Note 18)
STOCKHOLDERS’ EQUITY:    
Common stock—$0.01 par value; $150,000,000 shares authorized, $71,101,642 shares issued and $56,483,617 shares outstanding as of June 30, 2025; $70,221,632 shares issued and $56,894,565 shares outstanding as of June 30, 2024 711 702
Additional paid-in capital 548,895 510,232
Accumulated other comprehensive income (loss)—net of income tax 348 (2,466)
Retained earnings 2,618,525 2,185,617
Treasury stock, at cost; $14,618,025 shares as of June 30, 2025 and $13,327,067 shares as of June 30, 2024 (487,802) (403,489)
Total stockholders’ equity 2,680,677 2,290,596
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 24,783,078 $ 22,855,334
v3.25.2
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
ASSETS    
Allowance for loan and lease losses $ 290,049 $ 260,542
STOCKHOLDERS’ EQUITY:    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 150,000,000 150,000,000
Common stock, shares, issued (in shares) 71,101,642 70,221,632
Common stock, shares outstanding (in shares) 56,483,617 56,894,565
Treasury stock, at cost (in shares) 14,618,025 13,327,067
v3.25.2
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
INTEREST AND DIVIDEND INCOME:      
Loans, including fees $ 1,654,784 $ 1,499,572 $ 1,048,874
Securities borrowed and customer receivables 25,492 22,407 18,657
Investments and other 135,189 133,628 89,607
Total interest and dividend income 1,815,465 1,655,607 1,157,138
INTEREST EXPENSE:      
Deposits 667,753 670,570 339,481
Advances from the Federal Home Loan Bank 1,652 3,087 12,644
Securities loaned 1,830 2,214 3,673
Other borrowings 16,458 18,307 18,219
Total interest expense 687,693 694,178 374,017
Net interest income 1,127,772 961,429 783,121
Provision for credit losses 55,745 32,500 24,250
Net interest income, after provision for credit losses 1,072,027 928,929 758,871
NON-INTEREST INCOME:      
Broker-dealer fee income 45,233 48,136 46,503
Advisory fee income 31,794 31,335 28,324
Banking and service fees 38,195 35,723 32,938
Mortgage banking and servicing rights income 13,007 10,000 7,101
Prepayment penalty fee income 2,837 5,069 5,622
Gain on acquisition 0 92,397 0
Total non-interest income 131,066 222,660 120,488
NON-INTEREST EXPENSE:      
Salaries and related costs 297,955 250,873 204,271
Data and operational processing 80,433 69,370 60,557
Depreciation and amortization 29,019 27,086 23,387
Advertising and promotional 47,760 42,797 37,150
Professional services 37,572 36,532 29,268
Occupancy and equipment 17,705 16,704 15,647
FDIC and regulatory fees 27,558 20,546 15,534
Broker-dealer clearing charges 17,065 18,260 13,433
General and administrative expense 34,631 33,940 48,368
Total non-interest expense 589,698 516,108 447,615
INCOME BEFORE INCOME TAXES 613,395 635,481 431,744
INCOME TAXES 180,487 185,473 124,579
NET INCOME $ 432,908 $ 450,008 $ 307,165
Basic earnings per common share (in dollars per share) $ 7.61 $ 7.82 $ 5.15
Diluted earnings per common share (in dollars per share) $ 7.43 $ 7.66 $ 5.07
v3.25.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]      
NET INCOME $ 432,908 $ 450,008 $ 307,165
Net unrealized gain (loss) from available-for-sale securities, net of income tax 1,686 4,144 (3,677)
Net unrealized gain (loss) on cash flow hedges, net of income tax 1,128 0 0
Other comprehensive income (loss) 2,814 4,144 (3,677)
COMPREHENSIVE INCOME $ 435,722 $ 454,152 $ 303,488
v3.25.2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Treasury Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Income (Loss), Net of Income Tax
Retained Earnings
Common stock, issued, beginning balance (in shares) at Jun. 30, 2022   68,859,722        
Common stock, treasury, beginning balance (in shares) at Jun. 30, 2022     (9,081,773)      
Common stock, outstanding, beginning balance (in shares) at Jun. 30, 2022   59,777,949        
Stockholders' equity, beginning balance at Jun. 30, 2022 $ 1,642,973 $ 689 $ (237,011) $ 453,784 $ (2,933) $ 1,428,444
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 307,165         307,165
Other comprehensive income (loss) (3,677)       (3,677)  
Purchase of treasury stock (in shares)     (1,321,161)      
Purchase of treasury stock (49,258)   $ (49,258)      
Stock-based compensation activity, issued (in shares)   605,724        
Stock-based compensation activity, treasury (in shares)     (119,477)      
Stock-based compensation activity, outstanding (in shares)   486,247        
Stock-based compensation activity 19,956 $ 6 $ (6,144) 26,094    
Common stock, issued, ending balance (in shares) at Jun. 30, 2023   69,465,446        
Common stock, treasury, ending balance (in shares) at Jun. 30, 2023     (10,522,411)      
Common stock, outstanding, ending balance (in shares) at Jun. 30, 2023   58,943,035        
Stockholders' equity, ending balance at Jun. 30, 2023 1,917,159 $ 695 $ (292,413) 479,878 (6,610) 1,735,609
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 450,008         450,008
Other comprehensive income (loss) 4,144       4,144  
Purchase of treasury stock (in shares)     (2,541,254)      
Purchase of treasury stock (97,023)   $ (97,023)      
Stock-based compensation activity, issued (in shares)   756,186        
Stock-based compensation activity, treasury (in shares)     (263,402)      
Stock-based compensation activity, outstanding (in shares)   492,784        
Stock-based compensation activity $ 16,308 $ 7 $ (14,053) 30,354    
Common stock, issued, ending balance (in shares) at Jun. 30, 2024 70,221,632 70,221,632        
Common stock, treasury, ending balance (in shares) at Jun. 30, 2024 (13,327,067)   (13,327,067)      
Common stock, outstanding, ending balance (in shares) at Jun. 30, 2024 56,894,565 56,894,565        
Stockholders' equity, ending balance at Jun. 30, 2024 $ 2,290,596 $ 702 $ (403,489) 510,232 (2,466) 2,185,617
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 432,908         432,908
Other comprehensive income (loss) 2,814       2,814  
Purchase of treasury stock (in shares)     (951,927)      
Purchase of treasury stock (58,450)   $ (58,450)      
Stock-based compensation activity, issued (in shares)   880,010        
Stock-based compensation activity, treasury (in shares)     (339,031)      
Stock-based compensation activity, outstanding (in shares)   540,979        
Stock-based compensation activity $ 12,809 $ 9 $ (25,863) 38,663    
Common stock, issued, ending balance (in shares) at Jun. 30, 2025 71,101,642 71,101,642        
Common stock, treasury, ending balance (in shares) at Jun. 30, 2025 (14,618,025)   (14,618,025)      
Common stock, outstanding, ending balance (in shares) at Jun. 30, 2025 56,483,617 56,483,617        
Stockholders' equity, ending balance at Jun. 30, 2025 $ 2,680,677 $ 711 $ (487,802) $ 548,895 $ 348 $ 2,618,525
v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 432,908 $ 450,008 $ 307,165
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation and amortization 29,019 27,086 23,387
Other accretion and amortization (108,076) (58,275) (1,616)
Stock-based compensation expense 41,971 35,194 26,100
Trading activity (296) 405 1,000
Provision for credit losses 55,745 32,500 24,250
Deferred income taxes (27,956) 33,134 (19,586)
Origination of loans held for sale (199,845) (197,305) (160,607)
Unrealized and realized gains on loans held for sale (9,596) (8,639) (7,999)
Proceeds from sale of loans held for sale 195,202 209,503 149,091
Change in the fair value of servicing rights 2,605 (2,326) 634
Gain on FDIC Loan Purchase 0 (92,397) 0
Gain on repurchase of subordinated notes (729) (973) 0
Net change in assets and liabilities which provide (use) cash:      
Securities borrowed (72,184) 67,127 204,641
Customer, broker-dealer and clearing receivables (12,692) 134,046 43,342
Other assets 18,506 (114,040) (11,984)
Securities loaned 65,249 (85,655) (314,568)
Customer, broker-dealer and clearing payables 49,479 (144,350) (66,177)
Accounts payable and other liabilities 31,021 20,434 (367)
Net cash provided by (used in) operating activities 490,331 305,477 196,706
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of available-for-sale securities (22,382) (9,612) (32,669)
Proceeds from sale and repayment of available-for-sale securities 100,316 106,249 57,989
Purchase of stock of regulatory agencies (12,449) 0 (108,724)
Proceeds from redemption of stock of regulatory agencies 0 0 108,724
Net change in loans held for investment (2,175,449) (2,683,460) (2,401,055)
Proceeds from sale of loans originally classified as held for investment 440,115 39,159 14,185
Proceeds from sale of other real estate owned and repossessed assets 2,210 4,757 4,167
Proceeds from BOLI claim settlement 0 0 2,778
Purchase of BOLI policies (100,000) 0 0
Acquisition of business activity, net of cash acquired 0 0 (5,531)
Purchases of furniture, equipment, software and intangibles (54,213) (35,961) (30,215)
Purchases of other investments (19,296) (12,401) (9,035)
Distributions received from other investments 81 1,989 288
Net cash provided by (used in) investing activities (1,841,067) (2,589,280) (2,399,098)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net increase in deposits 1,470,326 2,236,109 3,176,686
Repayments of the Federal Home Loan Bank term advances (30,000) 0 (27,500)
Net (repayment) proceeds of other borrowings 0 (27,200) (84,300)
Payments related to settlement of restricted stock units (27,640) (16,192) (6,144)
Purchase of treasury stock (58,203) (96,286) (48,963)
Repurchase of subordinated notes (13,169) (8,938) 0
Net cash provided by (used in) financing activities 1,341,314 2,087,493 3,009,779
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (9,422) (196,310) 807,387
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Beginning of year 2,185,776 2,382,086 1,574,699
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—End of year 2,176,354 2,185,776 2,382,086
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:      
Interest paid on interest-bearing liabilities 687,244 698,956 368,311
Income taxes paid 153,689 200,809 131,365
Transfers to other real estate and repossessed vehicles from loans held for investment 8,778 4,472 12,664
Transfers from loans held for investment to loans held for sale 432,835 39,159 14,185
Transfers from loans held for sale to loans held for investment 12,530 2,783 690
Operating lease liabilities from obtaining right of use assets 4,491 6,330 3,400
Non-cash LIHTC investments $ 25,060 $ 37,495 $ 0
v3.25.2
ORGANIZATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
ORGANIZATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ORGANIZATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation and Consolidation. The 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 three lending-related 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 Consolidated Financial Statements are an integral part of the Company’s financial statements. Certain amounts reported in prior periods have been reclassified to conform with the current presentation.
Axos Financial, Inc. was incorporated in the State of Delaware on July 6, 1999 for the purpose of organizing and launching an internet-based savings bank. The Bank, which opened for business over the internet on July 4, 2000, is subject to regulation and examination by the Office of the Comptroller of the Currency (“OCC”), its primary regulator. The Federal Deposit Insurance Corporation (“FDIC”) insures the Bank’s deposit accounts up to the maximum allowable amount. Axos Clearing LLC, a clearing broker dealer, is regulated by the Securities and Exchange Commission (“SEC”) and Financial Industry Regulatory Authority (“FINRA”). Axos Invest, a platform through which digital investment advisory services are offered to retail investors, is regulated by the SEC and FINRA.
Business. The Company provides banking and securities products and services to its customers through its online and low-cost distribution channels and affinity partners. Deposit products are demand accounts, savings and money market accounts, and time deposits marketed to consumers and businesses. Lending products include residential single family mortgage, multifamily mortgage, commercial mortgage loans, loans secured by commercial real estate properties (“CRE”), loans secured by commercial assets and non-bank lenders (commercial & industrial - non-RE), auto and unsecured loans and other loans. The Bank’s lending business is primarily concentrated in California and New York and is subject to the general economic conditions of those states. Securities products and services generate interest and fee income by providing comprehensive securities clearing and custody services to introducing broker-dealers and registered investment advisor correspondents and digital investment advisory services to retail investors, respectively.
Use of Estimates. In preparing the Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America, the Company is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results may differ materially from those estimates.
Revenue Recognition. The Company accounts for certain revenue streams under Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”), which provides that an entity shall recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. Certain non-interest income, such as deposit service fees, advisory fee income and broker-dealer clearing fees, are within the scope of ASC 606.
Advisory Fee Income—Asset-Based Custody Fees and Asset-Based Fund Fees. Asset-based custody fees consist of custody fees, and other ancillary fees. Custody fees vary based on a percentage of average customer assets under custody. Other ancillary fees may be charged based on average customer assets or based on specific activity. Revenue is recognized over the period where assets are held as the customer simultaneously receives and consumes the benefits. Asset-based fund fees consist of 12b-1 and mutual fund shareholder services fees and are paid by mutual fund companies monthly or quarterly based on the underlying agreements. Asset-based fund fees are charged based on a percentage of client assets invested in certain funds. Revenue is calculated each month based on the average daily assets invested in particular funds. Revenue is recognized over the period where assets are invested in certain funds. The performance obligations relate to providing recordkeeping, stockholder and administration services to mutual fund companies and the obligations are satisfied upon the performance of such services. Revenue recognition is constrained until the amount of average assets invested in each fund is known.
Broker-Dealer Clearing Fees. The Company earns revenues for executing, settling and clearing securities transactions for other broker-dealers on a fully disclosed basis. Trade execution and clearing services, when provided together, represent a single performance obligation as the services are not separately identifiable in the context of the contract. Revenues associated with combined trade execution and clearing services, as well as trade execution services on a standalone basis, are recognized at a point in time on trade-date. The Company believes that the performance obligation is satisfied on the trade date because that is
when the underlying security or purchaser is identified, the pricing is agreed upon and the risks and rewards of ownership have been transferred to/from the customer. The Company also earns revenues for services which are separately identifiable and represent a distinct performance obligation which is recognized over time as the customer simultaneously receives and consumes the benefits. Certain clearing or other related fees represent a modification of the original contract as they are distinct services. All trade and execution services are priced at their standalone selling price. Clearing and other fees are generally deducted from the introducing brokers’ commissions on a monthly basis.
Banking and Service Fees—Deposit Service Fees. Service charges on deposit accounts consist of account analysis fees (i.e., net fees earned on analyzed business and public checking accounts), monthly service fees, check orders, and other deposit account related fees. The Company’s performance obligation for account analysis fees and monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Check orders and other deposit account related fees are largely transactional based, and therefore, the Company’s performance obligation is satisfied and related revenue recognized, when incurred. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to customers’ accounts.
Banking and Service Fees—Card Fees. Fees, exchange, and other service charges are primarily comprised of debit card income, ATM fees, merchant services income, and other service charges. Debit card income is primarily comprised of interchange fees earned whenever the Company’s debit cards are processed through card payment networks such as Visa. ATM fees are primarily generated when a Company cardholder uses a non-Company ATM or a non-Company cardholder uses a Company ATM. Merchant services income mainly represents fees charged to merchants to process their debit and credit card transactions, in addition to account management fees. Other service charges include revenue from processing wire transfers, bill pay service, cashier’s checks, and other services. The Company’s performance obligation for fees, exchange, and other service charges are largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payment is typically received immediately or in the following month.
Banking and Service Fees—Technology and Service Fees. Technology and service fees include bankruptcy trustee, fiduciary service income and technology fees. Technology fees primarily include those earned from business management and entertainment accounting and payroll software licenses as well as payroll processing fees. The performance obligation is satisfied as access to the licensed software is provided and upon the processing of payroll. Payment for software licenses and payroll processing is generally received in the month following the provision of service. Bankruptcy trustee and fiduciary service income is primarily comprised of fees earned from the monthly basis point fee and bank account service charges. The products and services provided to the trustee also provide a source of deposits to the Company. The performance obligation is satisfied when the deposits are determined at the end of each month. The expected value method is used to calculate and record the estimated revenue at the beginning of each month based on the amount of deposits. Fees are billed and collected on a monthly basis
The following presents non-interest income, segregated by revenue streams in-scope and out-of-scope of ASC 606 for the periods indicated:
 
Fiscal Year Ended June 30,
(Dollars in thousands)202520242023
Advisory fee income$31,794 $31,335 $28,324 
Broker-dealer clearing fees22,233 20,643 21,903 
Deposit service fees5,430 4,257 4,517 
Card fees2,867 2,516 4,410 
Technology and service fees
3,465 5,890 6,107 
    Non-interest income (in-scope ASC 606)65,789 64,641 65,261 
    Non-interest income (out-of-scope ASC 606)65,277 158,019 55,227 
    Total non-interest income$131,066 $222,660 $120,488 
Contract Balances. A contract asset or receivable is recognized if the Company performs a service or transfers a good in advance of receiving consideration. A contract liability is recognized if the Company receives consideration (or has the unconditional right to receive consideration) in advance of performance. As of June 30, 2025 and 2024, respectively, the Company’s contract assets and liabilities were not considered material.
Other Revenue Recognition. Increases in the net cash surrender value of bank-owned life insurance policies, as well as insurance proceeds received, are recorded in non-interest income and are not subject to income taxes. Lending related income includes fees earned from gains or losses on the sale of loans, and letter of credit fees. Gain or loss on the sale of financial
assets is measured as the net assets received from the sale less the carrying amount of the loan sold. The net assets received from the sale represent the fair value of any assets obtained or liabilities incurred as part of the transaction, including but not limited to cash, servicing assets, retained securitization investments and recourse obligations. Net gain or loss on the sale of repossessed assets is calculated by comparing sales proceeds to the carrying amount of the asset, and the carrying amount of the asset is determined using the lower of cost or fair value approach.
Cash and Cash Equivalents. The Bank’s cash, due from banks, money market mutual funds and federal funds sold, all of which have original maturities within 90 days, consist of cash and cash equivalents. The table below presents cash and cash equivalents based on non-interest-earning and interest-earning status.
At June 30,
(Dollars in thousands)20252024
Non-interest-earning cash and cash equivalents$152,337 $66,563 
Interest-earning cash and cash equivalents2,024,017 2,119,213 
Total cash and cash equivalents$2,176,354 $2,185,776 
Restricted Cash. Restricted cash includes qualified deposits in special reserve bank accounts for the exclusive benefit of Axos Clearing customers in accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and other regulations. Restricted cash also includes certain other cash balances which are restricted as to the Company’s withdrawal or usage based upon the terms of the corresponding agreements.
Securities. The Company classifies securities at the time of purchase depending on intent. Debt securities are classified as held to maturity when the Company intends to hold the securities until maturity, or as available for sale if the securities are not held for resale in the near term. Available-for-sale securities are reported at fair value, with unrealized gains and losses, net of the related tax effects, reported as a separate component of “Other comprehensive income (loss)” on the Consolidated Statements of Comprehensive Income. Trading securities include assets held for resale in the near term, with changes in the fair value recognized in earnings.
Gains and losses on securities sales are based on a comparison of sales proceeds and the amortized cost of the security sold using the specific identification method. Purchases and sales are recognized on the trade date. Interest income includes coupon interest and amortization of purchase premiums or discounts. Premiums and discounts on securities are amortized or accreted using the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated.
For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For available-for-sale debt securities that do not meet the aforementioned criteria, the Company evaluates at the individual security level whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded which is limited by the difference between fair value and the amortized cost basis. The remaining change in fair value is recognized in “Other comprehensive income” on the Consolidated Statements of Comprehensive Income. Changes in the allowance for credit losses, if any, are recorded as a provision for (or reversal of) credit losses. Losses are charged against the allowance when management believes the available-for-sale security is confirmed as uncollectible or when either of the criteria regarding intent or requirement to sell is met.
Loans (including Direct Financing & Sales Type Leases). Loans that are held for investment are loans that the Company has the intent and ability to hold for the foreseeable future or until maturity are reported at the principal balance outstanding, net of unearned interest, deferred purchase premiums and discounts, deferred loan origination fees and costs, and an allowance for credit loss - loans. Interest income is accrued on the unpaid principal balance. Premiums and discounts on loans purchased as well as loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method.
Single Family - Mortgage & Warehouse. The Single Family - Mortgage & Warehouse portfolio segment primarily consists of two loan types: single family mortgage loans and single family warehouse lines of credit. The single family mortgage loans consist of loans secured by one-to-four family residences. The single family warehouse lines of credit enable
the mortgage originators to close loans in their own names and temporarily finance inventories of closed mortgage loans until they can be sold to an approved investor. The Company also originates home equity lines of credit and second mortgage loans.
Multifamily and Commercial Mortgage. The Multifamily and Commercial Mortgage portfolio segment consists of loans secured by multifamily real estate (more than four units) and commercial real estate. These loans are dependent on the cash flow capacity of the project and repayment of loans secured by properties frequently depends on their successful operation and management.
Commercial Real Estate. The Commercial Real Estate portfolio segment consists of loans secured by commercial real estate properties (“CRE”) under a variety of structures that it classifies as commercial real estate. A few examples are as follows: Commercial Bridge to Sale, Commercial Bridge to Construction, Commercial Bridge to Refinance and Acquisition, Development, Construction and Lender Finance. CRE Loans are originated to businesses secured by first liens on single family, multifamily, condominium, office, retail, mixed-use, hospitality, undeveloped or to-be-redeveloped land. Repayment of CRE loans depends on the successful completion of the real estate transition project and permanent take-out.
Commercial & Industrial - Non-Real Estate (Non-RE). The Commercial & Industrial - Non-Real Estate portfolio segment consists of lender finance loans, asset-based loans, leveraged cash flow loans, insurance premium finance, capital call facilities, equipment leases, and general commercial and industrial loans. These receivables are generally secured by commercial assets, including, but not limited to, receivables, inventory, equipment and uniform commercial code (“UCC”) all-asset filings.
For commercial and industrial non-real estate, asset backed loans and line of credit term loans, the Company typically enters into a structured facility, under which it takes a senior lien position collateralized by the underlying assets at advance rates well below the collateral value. Leveraged cash flow loans provide financial sponsors the ability to finance acquisitions, management buy-outs, recapitalizations, debt refinancing and dividends/distributions. Such lending relies on free cash flow as the primary repayment source, and enterprise value as the secondary repayment source.
Direct financing leases and sales-type leases are carried at the aggregate of lease payments receivable plus the estimated residual value of the leased property less unearned income, which is accreted to interest income over the lease terms using methods that approximate the interest method. Operating lease income is recognized on a straight-line basis and is included within the Loans, including fees, line item in the Consolidated Statements of Income. Leases generally do not contain non-lease components. Commercial and industrial leases are primarily made based on the operating cash flows of the borrower or conversion of working capital assets to cash and secondarily on the underlying collateral provided by the borrower.
Auto and Consumer. The Auto and Consumer portfolio segment includes automobile loans and unsecured consumer loans, including account overdraft loans:
Auto loans consist of prime and subprime loans to customers secured by new and used vehicles. The Company holds all of the auto loans originated and performs loan servicing functions for these loans. Auto loans carry a fixed interest rate and have terms that range from two to eight years. Certain auto loans are insured for credit losses through which the Company recognizes fee income in “Banking and service fees” in the Consolidated Statements of Income upon the receipt of insurance proceeds following the charge off of the loans. Any receivables related to these policies are included in “Other assets” on the Consolidated Balance Sheets.
Consumer unsecured loans generally consist of fixed rate unsecured loans to well-qualified, individual borrowers. Loan terms that range between three to six years.
Purchased Credit Deteriorated (“PCD”) Loans. Purchased loans that reflect a more-than-insignificant deterioration of credit since their origination are considered PCD. For PCD loans, the initial estimate of expected credit losses is recognized in the allowance for credit losses on the date of acquisition. The initial amortized cost of PCD loans is determined by reducing the loans’ par value by the acquisition date estimate of expected credit losses with any difference between the resulting amount and the loans’ purchase price recorded as a non-credit-related discount. Subsequent changes in the initial estimate of expected credit losses are recognized in the provision for credit losses in the Company’s Consolidated Statements of Income.
Loans Held for Sale. Agency loans originated and intended for sale in the secondary market are carried at fair value. Net unrealized gains and losses are recognized through mortgage banking income in the income statement. The Bank sells its mortgage loans with either servicing released or servicing retained depending upon market pricing. Gains and losses on loan sales are recorded as mortgage banking income, based on the difference between sales proceeds and carrying value. Non-agency loans held for sale are carried at the lower of cost or fair value. The Company has elected the fair value option for Agency loans held for sale. These loans are intended for sale and the Company believes that the fair value is the best indicator of the resolution of these loans. For loans for which the fair value option has been elected, the Company amortizes premiums and discounts over the life of the loan and any origination fees or costs are recognized as incurred.
Loans that were originated with the intent and ability to hold for the foreseeable future (loans held for investment), but which have been subsequently designated as being held for sale for risk management or liquidity needs are carried at the lower of cost or fair value calculated using pools of loans with similar characteristics. Upon transfer, the Company assesses the collectability of the outstanding principal balance and may charge-off a portion of the loan as discussed further below in “Allowance for Credit Losses.” Following this assessment, any previously established ACL on the held for investment loan is reversed and the loan is transferred at amortized cost. If, following transfer to held for sale, the fair value of the loan is below its amortized cost a valuation allowance is established for the difference.
There may be times when loans have been classified as held for sale and cannot be sold or the Company has the intent and ability to hold the loan for the foreseeable future or to maturity and the loans are transferred to held for investment. For loans transferred from the lower of cost or fair value held for sale classification, any valuation allowance is reversed upon transfer and the loan is transferred at amortized cost and is then assessed for any potential ACL.
Allowance for Credit Losses. The ACL is a valuation account that offsets the amortized cost basis of loans and net investment in leases. Under ASC 326, amortized cost is the basis on which the ACL is determined. Amortized cost is principal outstanding, net of any purchase premiums and discounts and net of any deferred loan fees and costs.
Loans are charged off against the ACL when the Company believes that collectability of at least some portion of outstanding principal is unlikely. Recoveries on loans previously charged off are recorded as an increase to the allowance for credit losses. The allowance for credit losses is maintained at a level needed to absorb expected credit losses over the contractual life, considering the effects of prepayments, of the loan portfolio as of the reporting date. Determining the adequacy of the allowance for credit losses is complex and requires judgment by the Company about the effect of matters that are inherently uncertain. As such, a future assessment of current conditions may require material adjustments to the allowance.
The Company’s process for determining expected lifetime credit losses entails a portfolio, model-based approach utilizing loan level detail and requires consideration of a broad range of relevant information relating to historical loss experience, current economic conditions and reasonable and supportable forecasts.
The Company stratifies the full loan population into segments sharing similar characteristics to perform the evaluation of the credit loss collectively. The Company defines a loan portfolio segment as the level at which the Company develops a systematic methodology to determine the allowance, which is generally based on similar risk attributes, including underlying collateral, as well as the Company’s methods for monitoring credit risk and other factors. The Company categorizes the loan portfolio into five segments: Single Family - Mortgage & Warehouse, Multifamily and Commercial Mortgage, Commercial Real Estate, including construction lending, Commercial & Industrial - Non-Real Estate and Auto & Consumer. For further information on these loan portfolio segments, see “Loans” herein.
The method for estimating expected lifetime credit losses includes, among other things, the following main components: (1) The use of a probability of default (“PD”)/loss given default (“LGD”) model; (2) defining a number of economic scenarios across the benign to adverse spectrum; (3) a reasonable forecast period of 24 months for all loan segments; and (4) a reversion period of 12 months using a linear transition to historical loss rates for each loan pool. After the reversion period, the historical loss rate is applied over the remaining contractual life of loan. Reasonable forecast periods and reversion periods are subject to periodic review and may be adjusted based on the Company’s view of current economic conditions. The results of the estimate are calculated for several scenarios across the benign to adverse spectrum for each of the Company’s loan portfolio segments. The weighting of scenarios is subject to periodic review and may be adjusted based on the Company’s view of current economic conditions.
Given the inherent limitations of a solely quantitative model, qualitative adjustments are included to arrive at the ending calculated loss amount in order to account for data points not captured from quantitative inputs alone.
Qualitative criteria the Company considers includes, among other things, the following:
•Regulatory and Legal - matters that may impact the timeliness and/or amounts of repayments;
•Concentration - portfolio composition and loan concentration;
•Collateral Dependency - changes in collateral values;
•Lending/Underwriting Standards - current lending policies and the effects of any new policies;
•Nature and Volume - loan production volume and mix;
•Macroeconomic Environment - considerations not reflected in the data utilized in the model; and
•Loan Trends - credit performance trends, including a borrower’s financial condition and credit rating.
Specifically, the Company reviews whether the model reflects the appropriate level of PD and LGD, given the macroeconomic forecasts used as compared to the Company’s loan portfolio. the Company determines the adequacy of the
allowance for credit losses based on reviews of individual loans, recent loss experience, current economic conditions, expectations about future economic conditions, the risk characteristics of the various categories of loans, including loan-to-value ratios, and other pertinent factors. If, based on the Company’s evaluation, macroeconomic factors do not capture the Company’s assumption regarding collateral values (LGD) and defaults (PD), the Company will apply additional qualitative overlays to the loan portfolio. This evaluation is inherently subjective and requires estimates that are susceptible to significant revision as more information becomes available.
In determining an allowance for credit losses for certain assets, such as margin loans and securities borrowed transactions, the Company considers the fair value of collateral where the borrower is required to, and reasonably expected to, continually adjust and replenish the amount of collateral securing the instrument. If the fair value of the collateral is less than the amortized cost basis of the instrument, an allowance for credit losses is established for the unsecured amount and is limited to the difference between the fair value of the collateral and the amortized cost basis of the instrument.
Accrued Interest. Accrued interest receivable is excluded from amortized cost and is presented separately in “Other Assets” on the Consolidated Balance Sheets. Additionally, the Company does not estimate an allowance for credit losses on accrued interest receivable as the Company has a policy to charge off accrued interest deemed uncollectible in a timely manner. When a loan is placed on nonaccrual status, which generally occurs when a borrower becomes delinquent by 90 days, interest previously accrued but not collected is reversed against current period interest income. Interest received on such loans is accounted for on the cash-basis or cost recovery method, until qualifying for return to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.
Individually Assessed Loans. Credit losses are estimated on a collective basis, unless an individual loan’s credit risk characteristics make it unique compared to the overall group, in which case the loan would be individually assessed.
Loan Commitments. Loans commitments not unconditionally cancellable are subject to an estimate of credit loss under a current expected credit loss model. The Company’s process for determining the estimate of credit loss on loan commitments is the same as it is on loans. Refer to detail of Allowance on Credit Losses above. Allowance on Credit Losses of off-balance sheet commitments is presented separately in “Accounts payable and other liabilities” on the Consolidated Balance Sheets.
Leases - Lessee Arrangements. The Company leases office space under operating lease agreements scheduled to expire at various dates. At lease commencement, lease liabilities are recognized based on the present value of the remaining lease payments and discounted using the Company’s incremental borrowing rate, which is a blended rate comprised of the FHLB term rate and the Company’s subordinated debt rate. Right-of-use assets initially equal the lease liability, adjusted for any lease payments made prior to lease commencement and for any lease incentives. Right-of-use assets are reported in “Other assets” on the Consolidated Balance Sheets, and the related lease liabilities are reported in “Accounts payable, accrued liabilities and other liabilities.” All leases are recorded on the Consolidated Balance Sheets. Lease expense is recognized on a straight-line basis over the lease term and is recorded in “Occupancy and equipment” expense in the Consolidated Statements of Income.
Servicing Rights. Servicing rights assets are recognized when such rights are retained upon sale of loans, or are purchased, and are reported at fair value on the Consolidated Balance Sheets. The changes in fair value are reported in earnings in the period in which the changes occur and the adjustments are included in “Mortgage banking and servicing rights income,” a component of non-interest income in the Consolidated Statements of Income.
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 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 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” and Note 6— “Derivatives.” Changes in the fair values of these derivatives, and related fees, are included in “Banking and service fees” on the 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 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.
The Company also enters into foreign exchange derivatives in order to economically hedge its foreign exchange exposure to certain loans denominated in non-U.S. dollar currencies. Changes in the fair values of these derivatives, and related fees, are included in “Banking and service fees” on the Consolidated Statements of Income. The aggregate foreign exchange transaction gain/loss for the fiscal years ended June 30, 2025, 2024 and 2023 was not significant.
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 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 Consolidated Statements of Cash Flows.
In connection with its derivative transactions, the Company may receive or pledge cash collateral with its counterparties or central clearinghouses to satisfy initial, maintenance and/or variation margin requirements. Any required margin posted by the Company, other than variation margin on centrally-cleared derivatives, is included in “Restricted cash” in the Consolidated Balance Sheets. Variation margin on centrally-cleared derivatives is considered settlement of the derivative transaction, and as such, is presented net against the centrally-cleared derivative asset or liability within “Other assets” or “Accounts payable and other liabilities,” respectively, in the Consolidated Balance Sheets.
Furniture, Equipment and Software. Fixed assets are stated at cost less accumulated depreciation and amortization computed primarily using the straight-line method over the estimated useful lives of the assets, which range from three to seven years and recorded within “Depreciation and amortization”, a component of non-interest expense on the Consolidated Statements of Income. Leasehold improvements are amortized over the lesser of the assets’ useful lives or the lease term. Furniture, equipment and software are included in “Other assets” on the Consolidated Balance Sheets.
Income Taxes. Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred income tax assets and liabilities are determined using the asset and liability method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various assets and liabilities on the Consolidated Balance Sheets and gives current recognition to changes in tax rates and laws. The Company records a valuation allowance when the Company believes it is more likely than not that deferred tax assets will not be realized. An income tax position will be recognized as a benefit only if it is more likely than not that it will be sustained upon examination by the Internal Revenue Service, based upon its technical merits. Once that status is met, the amount recorded will be the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company recognizes interest and/or penalties related to income tax matters in income tax expense.
Securities Borrowed and Securities Loaned. Securities borrowed and securities loaned transactions are reported as collateralized financings and recorded at the amount of cash collateral advanced or received. Securities borrowed transactions require the Company to deposit cash with the lender. With respect to securities loaned, the Company receives collateral in the form of cash in an amount in excess of the fair value of securities loaned. The Company monitors the fair value of securities borrowed and loaned on a daily basis, with additional collateral obtained or refunded, as necessary.
Customer, Broker-Dealer and Clearing Receivables and Payables. Customer, broker-dealer and clearing receivables represent amounts due on cash and margin transactions and are generally collateralized by securities owned by clients. These receivables primarily consist of floating-rate loans collateralized by customer-owned securities. The receivables are reported at their outstanding principal balance net of allowance for credit losses. When a receivable is considered to be impaired, an impairment charge is recorded based on the current estimate of expected credit losses for the receivable, which is measured based on current prices from independent sources, such as listed market prices or broker-dealer price quotations. Securities owned by customers, including those that collateralize margin or other similar transactions, are not reflected on the
Consolidated Balance Sheets. Also included in these accounts are receivables and payables from brokers and dealers and clearing organizations as well as securities failed to deliver and receive.
Business Combinations. Mergers and acquisitions are accounted for using the acquisition method of accounting. Assets and liabilities acquired and assumed are recorded at their fair values as of the date of the transaction. The excess of purchase price over the fair value of assets acquired and liabilities assumed is recorded as goodwill. Significant estimates and judgments are involved in the fair valuation and purchase price allocation process.
Goodwill and Other Intangible Assets. Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Other intangible assets represent purchased assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights. Intangible assets that have finite lives, such as core deposit intangibles, are amortized over their estimated useful lives and subject to periodic impairment testing. Intangible assets (other than goodwill) are amortized to “Depreciation and amortization” a component of non-interest expense on the Consolidated Statements of Income, using accelerated or straight-line methods over their respective estimated useful lives.
Goodwill is subject to impairment testing at the reporting unit level, which is conducted at least annually. The Company performs impairment testing during the third quarter of each year or when events or changes in circumstances indicate the assets might be impaired.
The Company performs a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing updated qualitative factors, the Company determines it is more likely than not that the fair value of a reporting unit is less than its carrying amount, it performs a quantitative goodwill impairment test. Determining the fair value of a reporting unit is judgmental and often involves the use of significant estimates and assumptions. Similarly, estimates and assumptions are used in determining the fair value of other intangible assets. Estimates of fair value are primarily determined using discounted cash flows, market comparisons and recent transactions. These approaches use significant estimates and assumptions including projected future cash flows, discount rates reflecting the market rate of return, projected growth rates and determination and evaluation of appropriate market comparable.
Earnings per Common Share. Earnings per common share (“EPS”) are presented under two formats: basic EPS and diluted EPS. Basic EPS is computed by dividing the net income by the weighted-average number of common shares outstanding during the period. Diluted EPS is computed using the treasury stock method by dividing net income by the weighted-average number of common shares outstanding during the period, including the additional dilutive potential common shares, such as restricted stock units (“RSUs”).
Stock-Based Compensation. Compensation cost is recognized for RSU awards issued to employees, based on the market price of the Company’s common stock on the grant date. The Company has certain share awards that include market conditions that affect vesting. The fair value of these awards is estimated using a Monte Carlo simulation. For awards with only a service condition that have a graded vesting schedule, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. For awards that contain a market condition and have a graded vesting schedule compensation cost is recognized using an accelerated attribution method over the requisite service period for the awards. The Company recognizes forfeitures as they occur.
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.
Low Income Housing Tax Credits (“LIHTC”). The Company invests as a limited partner in LIHTC partnerships that operate qualified affordable housing projects which generate tax benefits for investors through the realization of tax credits and deductions, which may be subject to recapture by taxing authorities if compliance requirements are not met. The Company amortizes the investment in proportion to the allocated tax benefits using the proportional amortization method of accounting and record such benefits net of investment amortization in income taxes in the Consolidated Statements of Income. The investment is included within “Other assets” in the Consolidated Balance Sheets.
Cash Surrender Value of Life Insurance. The Bank has purchased life insurance policies on certain key executives. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date,
which is the cash surrender value adjusted for other amounts due that are probable at settlement. Cash surrender value of life insurance is included in “Other assets” in the Consolidated Balance Sheets. Changes to the cash surrender value are recorded within “Banking and service fees” in the Consolidated Statements of Income.
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.
Loss Contingencies. The Company records an accrual for a loss contingency when the estimated loss is both probable and reasonably estimated.
Variable Interest Entities (“VIEs”). The Company determines whether it is the primary beneficiary of a VIE upon its initial involvement with the entity and reassesses whether it remains the primary beneficiary on an ongoing basis. This determination includes an assessment of the design of the VIE, the power to make significant economic decisions and the variable interests held by the Company relative to other parties. 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 debt securities issued by the trusts. For these VIEs, the loans transferred to the VIEs are pledged as collateral to the related debt securities. At June 30, 2025 and 2024, certain loans that can only be used to settle debt securities of these VIEs were $1,432.7 million and $1,191.7 million, respectively. For further information on the loans reflected in the Consolidated Balance Sheets resulting from the consolidation of the three lending-related entities, see Note 5— “Loans & Allowance for Credit Losses.”
The Company also invests in low-income housing tax credit investments, certain mortgage-backed securities and partnership interests which are determined to be VIEs. However, given that the Company does not have the power to direct the activities of the VIEs that most significantly impact their economic performance, the Company does not consolidate these VIEs. The carrying amount of these non-consolidated VIEs represents the Company's maximum exposure to loss. For additional information on the Company's LIHTC investments, see Note 9—"Other Assets" and for additional information on the Company's mortgage-backed securities, see Note 4—"Available-For-Sale Securities."
New Accounting Standards
Recently Adopted Accounting Standards
During the fiscal year ended June 30, 2025, the Company adopted Accounting Standards Update (“ASU”) 2023-07, which expanded business segment disclosure requirements, including requiring additional disclosures about significant business segment expenses. The ASU also added requirements to define the position and title of the Chief Operating Decision Maker (“CODM”), and how the CODM uses the reported measure(s) of business segment profit or loss in assessing segment performance and resource allocation. The Company applied this ASU retrospectively to periods presented in the Consolidated Financial Statements. There was no impact on the Company’s financial condition or results of operation upon adoption. See Note 22—“Segment Reporting” for the Company’s business segment disclosures.
Accounting Standards Issued But Not Yet Adopted
In December 2023, the FASB issued ASU 2023-09, which requires further granularity on the disclosure of income taxes, including:
•Certain prescribed line items in the income tax rate reconciliation presented both in dollar and percentage terms;
•Income taxes paid, income before income taxes and income taxes disaggregated by federal, state and foreign taxes; and
•Further disaggregation of income taxes paid by any individual jurisdiction equal to or exceeding five percent of total income taxes paid.
This standard is effective for fiscal years beginning after December 15, 2024. The Company does not expect any significant impact on its financial condition or results of operations upon adoption.
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.
v3.25.2
ACQUISITIONS
 12 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
ACQUISITIONS ACQUISITIONS
On August 23, 2023, the Company acquired approximately $52 million of marine floor financing loans at par value along with other assets for an additional $2 million, primarily consisting of servicing rights as well as certain employees. The transaction was accounted for as an asset acquisition.
On December 7, 2023, the Company acquired from the Federal Deposit Insurance Corporation (“FDIC”) two loan portfolios, comprising both PCD and non-PCD loans, with an aggregate unpaid principal balance of $1.3 billion at a fair value of $901.5 million, reflecting a non-credit-related discount of $306.8 million and an allowance for credit losses on PCD loans of $70.1 million, (the “FDIC Loan Purchase”). Also included in the acquisition were certain related interest rate derivative assets and liabilities with a fair value of $109.0 million and $104.4 million, respectively, as of the date of the acquisition and whose maturities generally align with those of the loans acquired. The acquisition of the non-PCD loans and interest rate derivatives was accounted for as a purchase of financial assets and liabilities, and the Company recognized a $92.4 million gain on the transaction included in “Gain on acquisition” in the Consolidated Statement of Income.
For additional information on PCD loans, see Note 1—“Organizations and Summary of Significant Accounting Policies,” and for additional information on the Company’s loans and derivative instruments, see Note 5—“Loans & Allowance For Credit Losses” and Note 6—“Derivatives,” respectively.
The following table summarizes the PCD loans acquired in the FDIC Loan Purchase:
(Dollars in thousands)Total
Unpaid principal balance$341,301 
Non-credit discount(100,686)
Allowance for credit losses at acquisition(70,097)
Purchase price$170,518 
v3.25.2
FAIR VALUE
 12 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE FAIR VALUE
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. ASC Topic 820 describes three levels of inputs that may be used to measure fair value:
Level 1: 
Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date.
Level 2: 
Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability.
Level 3: 
Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the asset or liability. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models such as discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.
Classification in the hierarchy is based upon the lowest level of input that is significant to the fair value measurement of the asset or liability.
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:
Securities—trading and available-for-sale. Trading and available-for-sale securities are recorded at fair value. Available-for-sale securities consist of mortgage-backed securities (“MBS”) issued by U.S. government-backed, including Ginnie Mae, or government-sponsored enterprises including Fannie Mae and Freddie Mac (“agency”), MBS issued by non-agencies and municipal securities. Fair value for agency securities and municipal securities are generally based on quoted
market prices of similar securities used to form a dealer quote or a pricing matrix. These securities are classified in Level 2. There continues to be significant illiquidity in the market for certain MBS issued by non-agencies, including those held by the Company, which impacts the availability and reliability of transparent pricing. As orderly quoted market prices are not available, the Level 3 fair values for these securities are determined by the Company utilizing industry-standard tools to calculate the net present value of the expected cash flows available to the securities from the underlying mortgage assets.
To determine the performance of the underlying mortgage loan pools, the Company estimates prepayments, defaults, and loss severities based on a number of macroeconomic factors, including housing price changes, unemployment rates, interest rates and borrower attributes such as credit score and loan documentation at the time of origination. The Company inputs for each security a projection of monthly default rates, loss severity rates and voluntary prepayment rates for the underlying mortgages for the remaining life of the security to determine the expected cash flows. The projections of default rates are derived by the Company from the historic default rate observed in the pool of loans collateralizing the security, increased by and decreased by the forecasted increase or decrease in the national unemployment rate. The projections of loss severity rates are derived by the Company from the historic loss severity rate observed in the pool of loans, increased by or decreased by the forecasted increase or decrease in the national home price index (“HPI”). The largest factors influencing the Company’s modeling of the monthly default rate are unemployment and the HPI, as a strong correlation exists. The most updated unemployment rate reported in June 2025 was 4.1%.
To determine the discount rates used to compute the present value of the expected cash flows for these non-agency MBS securities, the Company separates the securities by the borrower characteristics in the underlying pool. Specifically, “prime” securities generally have borrowers with higher FICO scores and better documentation of income. “Alt-A” securities generally have borrowers with a lower FICO and less documentation of income. “Pay-option ARMs” are Alt-A securities with borrowers that tend to pay the least amount of principal (or increase their loan balance through negative amortization). The Company calculates separate discount rates for prime, Alt-A and Pay-option ARM non-agency MBS securities using market-participant assumptions for risk, capital and return on equity. The default rates and the severities are projected for every non-agency MBS security held by the Company and will vary monthly based upon the actual performance of the security and the macroeconomic factors discussed above. Based upon the actual performance of the underlying collateral, the securities’ credit enhancement will be impacted. The Company applies its discount rates to the projected monthly cash flows, which already reflect the full impact of all forecasted losses using the assumptions described above.
The Company’s estimate of fair value for non-agency securities using Level 3 pricing is highly subjective and is based on the Company’s estimate of voluntary prepayments, default rates, severities and discount margins, which are forecasted monthly over the remaining life of each security. Changes in one or more of these assumptions can cause a significant change in the estimated fair value. For further details see the table later in this note that summarizes quantitative information about level 3 fair value measurements.
Loans Held for Sale. The fair value of loans held for sale is determined by pricing for comparable assets or by existing forward sales commitment prices with investors. Loans held for sale are classified as Level 2.
Servicing Rights. Fair value is derived from market-driven valuation changes as well as modeled amortization involving the run-off of value that occurs due to the passage of time as individual loans are paid by borrowers. Market expectations about loan duration, and correspondingly the expected term of future servicing cash flows, may vary from time to time due to changes in expected prepayment activity, especially when interest rates rise or fall. Fair value is also dependent on the discount rate used in calculating present value, which is derived from observable market activity, market participants, and results in Level 3 classification. Management reviews and adjusts the discount rate and prepayment assumptions on an ongoing basis.
Derivatives. The fair value of interest rate locks is estimated based on changes in to be announced (“TBA”) values which are based upon mortgage interest rates from the date the interest on the loan is locked, adjusted for items such as estimated fallout and costs to originate the loan. These are classified under level 2.
The fair value of forward sale commitments is based upon prices in active secondary markets for identical securities or based on quoted market prices of similar assets used to form a dealer quote or a pricing matrix. If no such quoted price exists, the fair value of a commitment is determined by quoted prices for a similar commitment or commitments, adjusted for the specific attributes of each commitment. These are classified under level 2.
The fair value of interest rate swaps and caps entered into to facilitate customer transaction activity is based upon observable market forward rate curves. These are classified under Level 2.
The fair value of foreign exchange swaps and spot contracts is based primarily upon current spot exchange rates and forward exchange rates (derived from spot rates and interest rate differentials between the currency pairs). These are classified as Level 2.
FAIR VALUE - RECURRING BASIS
The following table sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:
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 MBS1
46,757 — 46,757 
Non-Agency MBS2
— 15,569 15,569 
Municipal3,682 — 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 instruments3
$17,734 $— $17,734 
LIABILITIES:
Accounts payable and other liabilities—Derivative instruments$68,498 $— $68,498 
June 30, 2024
(Dollars in thousands)Significant Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
ASSETS:
Trading securities$353 $— $353 
Available-for-sale securities:
Agency MBS1
27,259 — 27,259 
Non-Agency MBS2
— 110,928 110,928 
Municipal3,424 — 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 instruments3
$106,796 $— $106,796 
LIABILITIES:
Accounts payable and other liabilities—Derivative instruments$102,949 $— $102,949 
1 Includes securities guaranteed by Ginnie Mae, a U.S. government agency, and the government sponsored enterprises Fannie Mae and Freddie Mac.
2 Private sponsors of securities collateralized primarily by first-lien mortgage loans on commercial properties or by pools of 1-4 family residential first mortgages. Primarily super senior securities secured by Alt-A or pay-option adjustable rate mortgages (“ARMs”).
3 Gross derivatives assets as of June 30, 2025 are presented net of $55.4 million of variation margin on centrally-cleared derivatives. As of June 30, 2024, gross derivative assets are presented gross of $85.2 million of variation margin on centrally-cleared derivatives as a result of an $87.9 million receivable from the FDIC related to the novation of certain interest rate swaps.

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:
Fiscal Year Ended June 30, 2025
(Dollars in thousands)Available-for-Sale Securities:
Non-Agency MBS
Servicing Rights1
Total
Opening Balance$110,928 $28,924 $139,852 
Transfers into Level 3— — — 
Transfers out of Level 3— — — 
Total gains or losses for the period:
Included in earnings—Mortgage banking and servicing rights income— (2,706)(2,706)
Included in other comprehensive income905 — 905 
Purchases, retentions, issues, sales and settlements:
Purchases/Retentions— 1,000 1,000 
Issues— — — 
Sales— — — 
Settlements(96,264)— (96,264)
Closing balance$15,569 $27,218 $42,787 
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period$— $(2,706)$(2,706)
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 $1.4 million for the fiscal year ended June 30, 2025 and a decrease in servicing rights value resulting from market-driven changes in interest rates of $1.3 million for the fiscal year ended June 30, 2025. Additions to servicing rights were related to purchases and servicing rights retained upon sale of loans held for sale.
Fiscal Year Ended June 30, 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— 739 739 
Included in other comprehensive income5,535 — 5,535 
Purchases, retentions, issues, sales and settlements:
Purchases/Retentions— 2,742 2,742 
Settlements(99,612)— (99,612)
Closing balance$110,928 $28,924 $139,852 
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period$— $739 $739 
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 $1.2 million for the fiscal year ended June 30, 2024 and an increase in servicing rights value resulting from market-driven changes in interest rates of $1.9 million for the fiscal year ended June 30, 2024. Additions to servicing rights were retained upon sale of loans held for sale.
The table below summarizes the quantitative information about Level 3 fair value measurements:
June 30, 2025
(Dollars in thousands)Fair ValueValuation TechniqueUnobservable Input
Range (Weighted Average)1
Securities – Non-agency MBS$15,569 Discounted Cash Flow
Projected Constant Prepayment Rate,
Projected Constant Default Rate,
Projected Loss Severity,
Discount Rate over SOFR Swaps,
Credit Enhancement
2.5 to 30.0% (22.4%)
1.5 to 11.9% (8.7%)
35.0 to 68.9% (43.4%)
2.5 to 4.1% (2.7%)
0.0 to 99.0% (39.2%)
Servicing Rights
$27,218 Discounted Cash FlowProjected Constant Prepayment Rate,
Life (in years),
Discount Rate
5.2 to 26.6% (9.7%)
2.5 to 12.8 (9.3)
9.5 to 11.2% (9.8%)
June 30, 2024
(Dollars in thousands)Fair ValueValuation TechniqueUnobservable Input
Range (Weighted Average)1
Securities – Non-agency MBS$110,928 Discounted Cash Flow
Projected Constant Prepayment Rate,
Projected Constant Default Rate,
Projected Loss Severity,
Discount Rate over LIBOR,
Credit Enhancement
0.0 to 72.1% (38.0%)
0.0 to 13.7% (2.8%)
0.0 to 68.9% (32.9%)
2.5 to 4.9% (2.5%)
0.0 to 64.9% (22.8%)
Servicing Rights
$28,924 Discounted Cash FlowProjected Constant Prepayment Rate,
Life (in years),
Discount Rate
5.5 to 95.2% (11.8%)
0.4 to 14.9 (7.9)
9.5 to 11.2% (9.8%)
1 The weighted average for Securities - Non-agency MBS is based on the relative fair value of the securities and for Servicing Rights is based on the relative unpaid principal of the loans being serviced.
For non-agency mortgage-backed securities, 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.
The aggregate fair value of loans held for sale, carried at fair value, contractual balance (including accrued interest) and unrealized gain were:
At June 30,
(Dollars in thousands)20252024
Aggregate fair value$10,012 $16,482 
Contractual balance9,870 15,966 
Unrealized gain $142 $516 
The total interest income and amount of gains and losses from changes in fair value included in earnings for loans held for sale were:
For the Fiscal Year Ended June 30,
(Dollars in thousands)202520242023
Interest income$999 $769 $415 
Change in fair value(366)122 57 
Total$633 $891 $472 
FAIR VALUE OF FINANCIAL INSTRUMENTS
The carrying amount and estimated fair values of financial instruments were as follows:
June 30, 2025
Fair Value
(Dollars in thousands)Carrying
Amount		Level 1Level 2Level 3Total Fair Value
Financial assets:
Cash, cash equivalents and restricted cash
$2,176,354 $2,176,354 $— $— $2,176,354 
Trading securities
649 — 649 — 649 
Available-for-sale securities
66,008 — 50,439 15,569 66,008 
Stock of regulatory agencies35,163 — 35,163 — 35,163 
Loans held for sale, at fair value10,012 — 10,012 — 10,012 
Loans held for investment—net21,049,610 — — 21,288,921 21,288,921 
Securities borrowed139,396 — — 138,103 138,103 
Customer, broker-dealer and clearing receivables252,720 — — 251,126 251,126 
Servicing rights
27,218 — — 27,218 27,218 
Other assets - derivative instruments1
17,734 — 17,734 — 17,734 
Financial liabilities:
Total deposits20,829,543 — 20,642,953 — 20,642,953 
Advances from the Federal Home Loan Bank60,000 — 56,934 — 56,934 
Borrowings, subordinated notes and debentures312,671 — 285,282 — 285,282 
Securities loaned139,426 — — 138,698 138,698 
Customer, broker-dealer and clearing payables350,606 — — 350,606 350,606 
Accounts payable and other liabilities - derivative instruments68,498 — 68,498 — 68,498 
June 30, 2024
Fair Value
(Dollars in thousands)Carrying
Amount		Level 1Level 2Level 3Total Fair Value
Financial assets:
Cash, cash equivalents and restricted cash
$2,185,776 $2,185,776 $— $— $2,185,776 
Trading securities
353 — 353 — 353 
Available-for-sale securities
141,611 — 30,683 110,928 141,611 
Stock of regulatory agencies
21,957 — 21,957 — 21,957 
Loans held for sale, at fair value16,482 — 16,482 — 16,482 
Loans held for sale, at lower of cost or fair value— — — — — 
Loans held for investment—net19,231,385 — — 19,209,442 19,209,442 
Securities borrowed67,212 — — 71,480 71,480 
Customer, broker-dealer and clearing receivables240,028 — — 249,317 249,317 
Servicing rights
28,924 — — 28,924 28,924 
Other assets - derivative instruments1
106,796 — 106,796 — 106,796 
Financial liabilities:
Total deposits19,359,217 — 19,217,281 — 19,217,281 
Advances from the Federal Home Loan Bank90,000 — 84,201 — 84,201 
Borrowings, subordinated notes and debentures325,679 — 302,487 — 302,487 
Securities loaned74,177 — — 74,021 74,021 
Customer, broker-dealer and clearing payables301,127 — — 301,127 301,127 
Accounts payable and other liabilities - derivative instruments102,949 — 102,949 — 102,949 
1 Derivatives assets as of June 30, 2025 are presented net of $55.4 million of variation margin on centrally-cleared derivatives. As of June 30, 2024, gross derivative assets are presented gross of $85.2 million of variation margin on centrally-cleared derivatives as a result of an $87.9 million receivable from the FDIC related to the novation of certain interest rate swaps.
The methods and assumptions, not previously presented, used to estimate fair value are described as follows: carrying amount is the estimated fair value for cash and cash equivalents, interest-bearing deposits, accrued interest receivable and payable, demand deposits, short-term debt, and variable rate loans or deposits that reprice frequently and fully. For fixed rate loans, deposits, borrowings or subordinated debt and for variable rate loans, deposits, borrowings or subordinated debt with infrequent repricing or repricing limits, fair value is based on discounted cash flows using current market rates applied to the estimated life and credit risk. A discussion of the methods of valuing trading securities, available-for-sale securities and loans held for sale can be found earlier in this footnote. The fair value of off-balance sheet items is not considered material.
v3.25.2
AVAILABLE-FOR-SALE SECURITIES
 12 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
AVAILABLE-FOR-SALE SECURITIES AVAILABLE-FOR-SALE SECURITIES
The amortized cost and fair value of available-for-sale securities were:
June 30, 2025
(Dollars in thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
Mortgage-backed securities (MBS):
Agency1
$48,229 $327 $(1,799)$46,757 
Non-agency2
14,395 1,232 (58)15,569 
Total mortgage-backed securities62,624 1,559 (1,857)62,326 
Municipal3,682 — — 3,682 
Total available-for-sale securities
$66,306 $1,559 $(1,857)$66,008 
June 30, 2024
(Dollars in thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
Mortgage-backed securities (MBS):
Agency1
$29,835 $83 $(2,659)$27,259 
Non-agency2
110,658 838 (568)110,928 
Total mortgage-backed securities140,493 921 (3,227)138,187 
Municipal3,788 — (364)3,424 
Total available-for-sale securities
$144,281 $921 $(3,591)$141,611 
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 ARM mortgages.

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 AFS securities for the fiscal years ended June 30, 2025, 2024 and 2023 and there was no amount in the allowance for credit losses for available-for-sale securities at June 30, 2025 and June 30, 2024.
The face amounts of available-for-sale securities pledged to secure borrowings at June 30, 2025 and June 30, 2024 were $0.6 million and $0.8 million, respectively.
During the fiscal years ended June 30, 2025 and 2024, there were no sales of securities.
Securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were:
June 30, 2025
Available-for-sale securities in loss position for
Less Than
12 Months		More Than
12 Months		Total
(Dollars in thousands)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
MBS:
Agency
$108 $— $16,212 $(1,799)$16,320 $(1,799)
Non-agency2,138 (43)10,695 (15)12,833 (58)
Total MBS2,246 (43)26,907 (1,814)29,153 (1,857)
Municipal— — — — — — 
Total available-for-sale securities
$2,246 $(43)$26,907 $(1,814)$29,153 $(1,857)
June 30, 2024
Available-for-sale securities in loss position for
Less Than
12 Months		More Than
12 Months		Total
(Dollars in thousands)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
MBS:
Agency
$2,644 $(31)$19,298 $(2,628)$21,942 $(2,659)
Non-agency15 — 78,364 (568)78,379 (568)
Total MBS2,659 (31)97,662 (3,196)100,321 (3,227)
Municipal— — 3,424 (364)3,424 (364)
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 June 30, 2025
(Dollars in thousands)Total AmountDue Within One YearDue after One but within Five YearsDue after Five but within Ten YearsDue After Ten Years
MBS:
Agency
$48,229 $11,537 $29,753 $5,158 $1,781 
Non-Agency
14,395 10,975 1,442 1,203 775 
Total MBS$62,624 $22,512 $31,195 $6,361 $2,556 
Municipal3,682 — — — 3,682 
Available-for-sale—Amortized cost
$66,306 $22,512 $31,195 $6,361 $6,238 
Available-for-sale—Fair value$66,008 $22,375 $30,806 $6,416 $6,411 
v3.25.2
LOANS & ALLOWANCE FOR CREDIT LOSSES
 12 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
LOANS & ALLOWANCE FOR CREDIT LOSSES 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, Auto & Consumer. For further detail of the segments of the Company’s loan portfolio, refer to Note 1—“Organizations and Summary of Significant Accounting Policies.”
The following table sets forth the composition of the loan portfolio:
(Dollars in thousands)
June 30, 2025
June 30, 2024
Single Family - Mortgage & Warehouse$4,395,278 $4,178,832 
Multifamily and Commercial Mortgage
2,940,739 3,861,931 
Commercial Real Estate
6,937,187 6,088,622 
Commercial & Industrial - Non-RE6,795,497 5,241,766 
Auto & Consumer482,996 431,660 
Total gross loans21,551,697 19,802,811 
Allowance for credit losses - loans(290,049)(260,542)
Unaccreted premiums (discounts) and loan fees(212,038)(310,884)
Total net loans$21,049,610 $19,231,385 
Accrued interest receivable on loans held for investment totaled $109.6 million and $119.8 million as of June 30, 2025 and 2024, respectively.
At June 30, 2025 and 2024, the Company pledged certain loans totaling $4,284.7 million and $4,942.8 million, respectively, to the FHLB and $8,227.7 million and $8,197.2 million, respectively, to the Federal Reserve Bank of San Francisco (“FRBSF”).
The following table presents the components of the provision for credit losses:
For the Fiscal Year Ended June 30,
(Dollars in thousands)202520242023
Provision for credit losses - loans$55,077 $32,750 $24,750 
Provision for credit losses - unfunded lending commitments668 (250)(500)
    Total provision for credit losses$55,745 $32,500 $24,250 
The following tables summarize activity in the allowance for credit losses - loans by portfolio segment:
June 30, 2025
(Dollars in thousands)Single Family-Mortgage & WarehouseMultifamily and Commercial MortgageCommercial Real EstateCommercial & Industrial - Non-REAuto & ConsumerTotal
Balance at July 1, 2024
$16,943 $70,771 $87,780 $76,032 $9,016 $260,542 
Provision (benefit) for credit losses - loans(1,858)(36,655)25,934 54,432 13,224 55,077 
Charge-offs(3,036)(8,565)(165)(8,825)(9,715)(30,306)
Recoveries62 689 255 — 3,730 4,736 
Balance at June 30, 2025
$12,111 $26,240 $113,804 $121,639 $16,255 $290,049 
June 30, 2024
(Dollars in thousands)Single Family-Mortgage & WarehouseMultifamily and Commercial MortgageCommercial Real EstateCommercial & Industrial - Non-REAuto & ConsumerTotal
Balance at July 1, 2023
$17,503 $16,848 $72,755 $46,347 $13,227 $166,680 
Allowance for credit losses at acquisition of PCD loans— 58,997 11,125 — — 70,122 
Provision (benefit) for credit losses - loans(489)(4,434)3,900 29,769 4,004 32,750 
Charge-offs(172)(640)— (84)(11,013)(11,909)
Recoveries101 — — — 2,798 2,899 
Balance at June 30, 2024
$16,943 $70,771 $87,780 $76,032 $9,016 $260,542 
June 30, 2023
(Dollars in thousands)Single Family-Mortgage & WarehouseMultifamily and Commercial MortgageCommercial Real EstateCommercial & Industrial - Non-REAuto & ConsumerTotal
Balance at July 1, 2021$19,670 $14,655 $69,339 $30,808 $14,145 $148,617 
Provision (benefit) for credit losses - loans(2,302)2,193 3,416 15,521 5,922 24,750 
Charge-offs(314)— — — (9,142)(9,456)
Recoveries449 — — 18 2,302 2,769 
Balance at June 30, 2023
$17,503 $16,848 $72,755 $46,347 $13,227 $166,680 

The allowance for credit losses increased from June 30, 2024 to June 30, 2025, primarily due to the provision for credit losses, partially offset by net charge-offs. The provision for credit losses was primarily driven by the commercial & industrial - non-RE and commercial real estate portfolios, reflecting loan growth, as well as the quantitative impact of macroeconomic variables in the allowance for credit losses model, including the 5-year and 10-year U.S. Treasury rates and unemployment rates.
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 further discussion of the model method of estimating expected lifetime credit losses see Note 1—“Organizations and Summary of Significant Accounting Policies.”
The following tables present a summary of the activity in the unfunded loan commitment liabilities for the periods indicated:
For the Fiscal Year Ended June 30,
(Dollars in thousands)202520242023
BALANCE—beginning of year$10,223 $10,473 $10,973 
Provision (Benefit)668 (250)(500)
BALANCE—end of year$10,891 $10,223 $10,473 
The following table presents LTVs for the Company’s real estate loans outstanding as of June 30, 2025:
Total Real Estate LoansSingle Family - Mortgage & WarehouseMultifamily and Commercial MortgageCommercial Real Estate
Weighted-Average LTV46.2 %56.7 %49.4 %45.4 %
Median LTV51.0 %53.5 %47.9 %45.7 %
Credit Quality Disclosure. The following tables provide the composition of loans that are performing and nonaccrual by portfolio segment:
June 30, 2025
(Dollars in thousands)Single Family-Mortgage & WarehouseMultifamily and Commercial MortgageCommercial Real EstateCommercial & Industrial - Non-REAuto & ConsumerTotal
Performing$4,351,082 $2,907,702 $6,907,964 $6,733,693 $480,870 $21,381,311 
Nonaccrual44,196 33,037 29,223 61,804 2,126 170,386 
Total$4,395,278 $2,940,739 $6,937,187 $6,795,497 $482,996 $21,551,697 
Nonaccrual loans to total loans0.79 %
June 30, 2024
(Dollars in thousands)Single Family-Mortgage & WarehouseMultifamily and Commercial MortgageCommercial Real EstateCommercial & Industrial - Non-REAuto & ConsumerTotal
Performing$4,133,121 $3,826,877 $6,062,520 $5,237,746 $429,188 $19,689,452 
Nonaccrual45,711 35,054 26,102 4,020 $2,472 113,359 
Total$4,178,832 $3,861,931 $6,088,622 $5,241,766 $431,660 $19,802,811 
Nonaccrual loans to total loans0.57 %
There were no nonaccrual loans without an allowance for credit losses as of June 30, 2025 and 2024. There was no interest income recognized on nonaccrual loans in the fiscal year ended June 30, 2025 and 2024.
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.
The following tables present the composition of loans by portfolio segment, fiscal year of origination and credit quality indicator, and the amount of gross charge-offs:
June 30, 2025
Loans Held for Investment by Fiscal Year of Origination
Revolving Loans Total
(Dollars in thousands)20252024202320222021Prior
Single Family-Mortgage & Warehouse
Pass$750,357 $269,165 $451,330 $1,067,144 $434,352 $715,620 $599,406 $4,287,374 
Special Mention2,129 1,080 5,362 3,140 5,254 26,604 9,967 53,536 
Substandard— — — 7,255 6,720 40,393 — 54,368 
Doubtful— — — — — — — — 
Total752,486 270,245 456,692 1,077,539 446,326 782,617 609,373 4,395,278 
Gross charge-offs— 340 — 400 — 2,296 — 3,036 
Multifamily and Commercial Mortgage
Pass75,755 22,435 632,120 859,189 422,683 842,787 1,450 2,856,419 
Special Mention— — 3,400 — 7,255 18,272 — 28,927 
Substandard— — 8,530 13,199 — 33,664 — 55,393 
Doubtful— — — — — — — — 
Total75,755 22,435 644,050 872,388 429,938 894,723 1,450 2,940,739 
Gross charge-offs
— 375 86 5 — 8,099 — 8,565 
Commercial Real Estate
Pass3,135,530 1,342,372 679,875 575,642 152,581 47,214 960,145 6,893,359 
Special Mention— — — — — — — 
Substandard— — — 9,500 5,000 14,723 14,605 43,828 
Doubtful— — — — — — — — 
Total3,135,530 1,342,372 679,875 585,142 157,581 61,937 974,750 6,937,187 
Gross charge-offs— — — 165 — — — 165 
Commercial & Industrial - Non-RE
Pass1,231,118 809,347 310,043 120,385 38,397 28,311 3,928,415 6,466,016 
Special Mention— 45,120 — — 93 — 10,023 55,236 
Substandard3,747 10,719 9,244 135,778 2,486 2,989 99,282 264,245 
Doubtful— — — 10,000 — — — 10,000 
Total1,234,865 865,186 319,287 266,163 40,976 31,300 4,037,720 6,795,497 
Gross charge-offs— — 883 — 5,942 — 2,000 8,825 
Auto & Consumer
Pass213,318 47,587 75,120 109,228 23,084 11,448 — 479,785 
Special Mention295 52 186 270 60 10 — 873 
Substandard154 48 365 807 549 415 — 2,338 
Doubtful— — — — — — — — 
Total213,767 47,687 75,671 110,305 23,693 11,873 — 482,996 
Gross charge-offs589 813 2,363 3,340 797 1,813 — 9,715 
Total
Pass5,406,078 2,490,906 2,148,488 2,731,588 1,071,097 1,645,380 5,489,416 20,982,953 
Special Mention2,424 46,252 8,948 3,410 12,662 44,886 19,990 138,572 
Substandard3,901 10,767 18,139 166,539 14,755 92,184 113,887 420,172 
Doubtful— — — 10,000 — — — 10,000 
Total$5,412,403 $2,547,925 $2,175,575 $2,911,537 $1,098,514 $1,782,450 $5,623,293 $21,551,697 
As a % of total gross loans25.1%11.8%10.1%13.5%5.1%8.3%26.1%100.0%
Total gross charge-offs
$589 $1,528 $3,332 $3,910 $6,739 $12,208 $2,000 $30,306 
June 30, 2024
Loans Held for Investment by Fiscal Year of Origination
Revolving Loans Total
(Dollars in thousands)20242023202220212020Prior
Single Family-Mortgage & Warehouse
Pass$491,822 $590,060 $1,200,230 $487,132 $291,047 $720,049 $256,778 $4,037,118 
Special Mention31,000 — 24,489 665 6,591 26,873 — 89,618 
Substandard— 283 6,728 — 14,720 30,365 — 52,096 
Doubtful— — — — — — — — 
Total522,822 590,343 1,231,447 487,797 312,358 777,287 256,778 4,178,832 
Year-to-date gross charge-offs— — — — — 172 — 172 
Multifamily and Commercial Mortgage
Pass36,058 700,163 994,004 595,299 510,341 811,184 — 3,647,049 
Special Mention— 29,325 46,194 17,478 9,011 10,277 — 112,285 
Substandard— 13,489 12,509 15,507 41,013 20,079 — 102,597 
Doubtful— — — — — — — — 
Total36,058 742,977 1,052,707 628,284 560,365 841,540 — 3,861,931 
Year-to-date gross charge-offs— — — — 640 — — 640 
Commercial Real Estate
Pass1,952,001 1,419,399 1,456,643 221,061 7,741 53,000 866,686 5,976,531 
Special Mention— — 27,452 — — — — 27,452 
Substandard— 5,600 43,700 5,000 — 30,339 — 84,639 
Doubtful— — — — — — — — 
Total1,952,001 1,424,999 1,527,795 226,061 7,741 83,339 866,686 6,088,622 
Year-to-date gross charge-offs— — — — — — — — 
Commercial & Industrial - Non-RE
Pass991,497 458,454 238,397 44,923 10,422 12,867 3,295,425 5,051,985 
Special Mention— 1,613 731 1,818 — — 5,349 9,511 
Substandard— 34,433 122,729 1,031 — 2,988 19,089 180,270 
Doubtful— — — — — — — — 
Total991,497 494,500 361,857 47,772 10,422 15,855 3,319,863 5,241,766 
Year-to-date gross charge-offs— — — — — 84 — 84 
Auto & Consumer
Pass65,766 114,615 177,043 43,287 13,402 14,056 — 428,169 
Special Mention33 213 422 176 — 61 — 905 
Substandard142 547 1,264 410 114 109 — 2,586 
Doubtful— — — — — — — — 
Total65,941 115,375 178,729 43,873 13,516 14,226 — 431,660 
Year-to-date gross charge-offs202 3,471 5,212 1,556 303 269 — 11,013 
Total
Pass3,537,144 3,282,691 4,066,317 1,391,702 832,953 1,611,156 4,418,889 19,140,852 
Special Mention31,033 31,151 99,288 20,137 15,602 37,211 5,349 239,771 
Substandard142 54,352 186,930 21,948 55,847 83,880 19,089 422,188 
Doubtful— — — — — — — — 
Total$3,568,319 $3,368,194 $4,352,535 $1,433,787 $904,402 $1,732,247 $4,443,327 $19,802,811 
As a % of total gross loans18.0%17.1%22.0%7.2%4.6%8.7%22.4%100.0%
Total year-to-date gross charge-offs202 3,471 5,212 1,556 943 525 — 11,909 
The following tables provide the aging of loans by portfolio segment:
June 30, 2025
(Dollars in thousands)Current30-59 Days60-89 Days90+ DaysTotal
Single Family-Mortgage & Warehouse$4,322,681 $13,302 $16,395 $42,900 $4,395,278 
Multifamily and Commercial Mortgage2,870,972 36,649 549 32,569 2,940,739 
Commercial Real Estate6,900,904 — 7,060 29,223 6,937,187 
Commercial & Industrial - Non-RE6,783,440 — — 12,057 6,795,497 
Auto & Consumer
477,694 3,025 920 1,357 482,996 
Total$21,355,691 $52,976 $24,924 $118,106 $21,551,697 
As a % of total gross loans99.09 %0.25 %0.12 %0.55 %100.00 %
June 30, 2024
(Dollars in thousands)Current30-59 Days60-89 Days90+ DaysTotal
Single Family-Mortgage & Warehouse$4,070,186 $46,387 $18,401 $43,858 $4,178,832 
Multifamily and Commercial Mortgage3,795,387 13,074 8,554 44,916 3,861,931 
Commercial Real Estate6,024,470 — 25,950 38,202 6,088,622 
Commercial & Industrial - Non-RE
5,240,734 — — 1,032 5,241,766 
Auto & Consumer424,555 4,644 996 1,465 431,660 
Total$19,555,332 $64,105 $53,901 $129,473 $19,802,811 
As a % of total gross loans98.75 %0.33 %0.27 %0.65 %100.00 %
Loans reaching 90+ days past due are generally placed on nonaccrual. As of June 30, 2024, there was $20.2 million of loans over 90 days past due and still accruing interest. As of June 30, 2025 no loans were over 90 days past due and still accruing interest.
Single family mortgage loans in process of foreclosure were $30.4 million and $20.1 million as of June 30, 2025 and 2024, respectively.
Credit Risk Concentration
Concentrations of credit risk arise when a number of borrowers are engaged in similar business activities in the same geographic region, or when they have similar economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic conditions.
Concentrations of 10% or more existed in the Single Family, Multifamily and Commercial Real Estate loan categories at June 30, 2025 and June 30, 2024.
At June 30, 2025, California accounted for 70.5% and New York accounted for 8.6% of loans in the Single Family loan category. California accounted for 48.5% and New York accounted for 37.1% of loans in the Multifamily loan category. New York accounted for 36.8%, Florida accounted for 19.5% and Texas accounted for 10.2% of loans in the Commercial Real Estate loan category.
At June 30, 2024, California accounted for 69.3% and New York accounted for 11.7% of loans in the Single Family loan category. California accounted for 49.6% and New York accounted for 38.9% of loans in the Multifamily loan category. New York accounted for 34.2% and Florida accounted for 10.4% of loans in the Commercial Real Estate loan category.
Related Party Loans
In the ordinary course of business, the Company has granted related party loans collateralized by real property to certain executive officers, directors and their affiliates, which is summarized in the following table:
At or for the Fiscal Year Ended June 30,
(Dollars in thousands)20252024
Outstanding loan balance$29,146 $29,673 
Loans originated and funded$372 $1,044 
Principal repayments$899 $552 
Loan Modifications to Borrowers Experiencing Financial Difficulty. 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. FDMs during the fiscal year ended June 30, 2025 and 2024 were not significant.
v3.25.2
DERIVATIVES
 12 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVES DERIVATIVES
The following table presents the fair values and notional amounts of the Company’s derivative instruments. While the notional amounts give an indication of the volume of the Company’s derivatives activity, the notional amounts significantly exceed, in the Company’s view, the possible losses that could arise from such transactions. For most derivative contracts, the notional amount is not exchanged, rather it is a reference amount used to calculate payments. As of June 30, 2024, there were no derivatives designated in hedge accounting relationships.
June 30, 2025
June 30, 2024
Fair ValueFair Value
(Dollars in thousands)Notional AmountDerivative AssetsDerivative LiabilitiesNotional AmountDerivative AssetsDerivative Liabilities
Derivatives designated as hedging instruments
Interest rate contracts$400,000 $1,950 $— $— $— $— 
Derivatives not designated as hedging instruments
Interest rate contracts1
2,761,021 15,782 68,427 2,435,874 106,796 102,949 
Foreign exchange contracts9,570 2 71 — — — 
Total derivatives$3,170,591 $17,734 $68,498 $2,435,874 $106,796 $102,949 
1 Derivatives assets as of June 30, 2025 are presented net of $55.4 million of variation margin on centrally-cleared derivatives. As of June 30, 2024, derivative assets are presented gross of $85.2 million of variation margin on centrally-cleared derivatives as a result of an $87.9 million receivable from the FDIC related to the novation of certain interest rate swaps.
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 Fiscal Year Ended June 30,
(Dollars in thousands)202520242023
Amounts recorded in OCI$5,448 $— $— 
Amounts reclassified from AOCI to income(3,749)— — 
Total change in OCI for period$1,699 $— $— 
The Company did not experience any forecasted transactions that failed to occur during the fiscal year ended June 30, 2025. There are no amounts excluded from the assessment of hedge effectiveness.
As of June 30, 2025, the Company expects that approximately $2.2 million of pre-tax net gain related to cash flow hedges recorded in AOCI will be recognized in income over the next 12 months. The maximum length of time over which forecasted transactions are hedged is approximately 2.3 years.
Derivatives not designated as hedging instruments
The following table presents the gains (losses) related to the Company’s derivative instrument activity recognized in the Consolidated Statements of Income:
For the Fiscal Year Ended June 30,
(Dollars in thousands)202520242023
Interest rate contracts
Banking and service fees$(2,463)$470 $803 
Mortgage banking and servicing rights income$(431)$782 $916 
Foreign exchange contracts
Banking and service fees$(92)— $— 
v3.25.2
OFFSETTING OF DERIVATIVES AND SECURITIES FINANCING AGREEMENTS
 12 Months Ended
Jun. 30, 2025
Offsetting [Abstract]  
OFFSETTING OF DERIVATIVES AND SECURITIES FINANCING AGREEMENTS OFFSETTING OF DERIVATIVES AND SECURITIES FINANCING 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. The Company manages credit exposure from certain of these transactions by entering into master netting agreements. The relevant agreements allow for the efficient closeout of transactions, liquidation and set-off of collateral against the net amount owed by the counterparty following a default. Default events generally include failure to pay, insolvency or bankruptcy of a counterparty.
The following tables present information about the offsetting of these instruments and related collateral amounts:
June 30, 2025
(Dollars in thousands)Gross Assets / LiabilitiesAmounts OffsetNet Balance Sheet Amount
Amounts Not Offset2
Net Assets / Liabilities
Assets:
Securities borrowed$139,396 $— $139,396 $139,396 $— 
Other assets — derivative instruments1
17,734 — 17,734 11,174 6,560 
Liabilities:
Securities loaned$139,426 $— $139,426 $139,426 $— 
Accounts payable and other liabilities — derivative instruments
68,497 — 68,497 6,122 62,375 
June 30, 2024
(Dollars in thousands)Gross Assets / LiabilitiesAmounts OffsetNet Balance Sheet Amount
Amounts Not Offset2
Net Assets / Liabilities
Assets:
Securities borrowed$67,212 $— $67,212 $67,212 $— 
Other assets — derivative instruments1
106,796 — 106,796 18,524 88,272 
Liabilities:
Securities loaned$74,177 $— $74,177 $74,177 $— 
Accounts payable and other liabilities — derivative instruments
102,949 — 102,949 414 102,535 
1 Other Assets - Derivative Assets as of June 30, 2025 are presented net of $55.4 million of variation margin on centrally-cleared derivatives. As of June 30, 2024, gross derivative assets are presented gross of $85.2 million of variation margin on centrally-cleared derivatives as a result of an $87.9 million receivable from the FDIC related to the novation of certain interest rate swaps.
2 Amounts not offset reflect cash collateral received on Derivative Assets of $6.3 million and $18.1 million as of June 30, 2025 and June 30, 2024, respectively, and cash collateral placed on Derivative Liabilities of $1.3 million as of June 30, 2025. There was no cash collateral placed on Derivative Liabilities as of June 30, 2024.
The securities loaned transactions represent equities with an overnight and open maturity classification as of both periods presented.
v3.25.2
CUSTOMER, BROKER-DEALER AND CLEARING RECEIVABLES AND PAYABLES
 12 Months Ended
Jun. 30, 2025
Broker-Dealer [Abstract]  
CUSTOMER, BROKER-DEALER AND CLEARING RECEIVABLES AND PAYABLES CUSTOMER, BROKER-DEALER AND CLEARING RECEIVABLES AND PAYABLESCustomer, broker-dealer and clearing receivables and payables consisted of the following:
At June 30,
(Dollars in thousands)20252024
Receivables:
Customers$234,875 $220,243 
Broker-dealer and clearing organizations:
Receivable from broker-dealers14,089 17,885 
Securities failed to deliver3,756 1,900 
Total customer, broker-dealer and clearing receivables$252,720 $240,028 
Payables:
Customers$329,974 $280,620 
Broker-dealer and clearing organizations:
Payable to broker-dealers17,315 18,112 
Securities failed to receive3,317 2,395 
Total customer, broker-dealer and clearing payables$350,606 $301,127 
v3.25.2
OTHER ASSETS
 12 Months Ended
Jun. 30, 2025
Other Assets [Abstract]  
OTHER ASSETS OTHER ASSETS
Other Assets in the Consolidated Balance Sheets primarily comprises bank-owned life insurance, 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 accrued interest receivable, see Note 5 - “Loans & Allowance for Credit Losses,” for additional information on derivatives, see Note 6 - “Derivatives” and for additional information on net deferred income tax assets, see Note 14 - “Income Taxes.” Other components of Other Assets are further detailed below.
Bank-owned Life Insurance. The following table summarizes the activity in the Company’s bank-owned life insurance (“BOLI”). Income related to bank-owned life insurance is included in “Banking and service fees” in the Consolidated Statements of Income.
(Dollars in thousands)
BOLI
Balance as of June 30, 2022$160,775 
Death benefits(1,805)
Change in contract value4,444 
Balance as of June 30, 2023
$163,414 
Change in contract value5,360 
Balance as of June 30, 2024
$168,774 
Additions100,000 
Change in contract value9,405 
Balance as of June 30, 2025
$278,179 
Furniture, equipment and software. A summary of the cost and accumulated depreciation and amortization for leasehold improvements, furniture, equipment and software is as follows:
At June 30,
(Dollars in thousands)20252024
Software$159,878 $134,311 
Computer hardware and equipment59,995 32,195 
Furniture and fixtures11,923 11,788 
Leasehold improvements6,626 6,281 
Total$238,422 $184,575 
Less accumulated depreciation and amortization(133,341)(111,956)
Furniture, equipment and software—net
$105,081 $72,619 
Depreciation and amortization expense related to leasehold improvements, furniture, equipment and software for the fiscal years ended June 30, 2025, 2024 and 2023 was $21.6 million, $16.2 million and $12.2 million, respectively.
Operating Leases. The Company leases office space under operating lease agreements scheduled to expire at various dates. Operating lease expense for the fiscal years ended June 30, 2025, 2024 and 2023 was $11.3 million, $12.4 million, and $11.4 million, respectively.
Supplemental information related to the Company’s operating leases is as follows:
At June 30,
(Dollars in thousands)20252024
Right-of-use assets$53,415 $59,989 
Lease liabilities$59,116 65,923 
Weighted-average remaining lease term4.73 years5.66 years
Weighted-average discount rate3.20 %3.09 %
Supplemental cash flow information related to leases is as follows:
For the Fiscal Year Ended June 30,
(Dollars in thousands)202520242023
Cash paid for amounts included in the measurement of lease liabilities for operating leases—operating cash flows$13,318 $11,821 $10,658 
The following table represents maturities of lease liabilities:
(Dollars in thousands)
June 30, 2025
Within one year$13,828 
After one year and within two years13,953 
After two years and within three years12,600 
After three years and within four years11,125 
After four years within five years11,068 
After five years1,354 
Total lease payments63,928 
Less: amount representing interest(4,812)
Total lease liability$59,116 
As of June 30, 2025, the Company was in compliance with all covenants contained in lease agreements.
LIHTC Investments. The Company recognized the following income and tax benefits for its LIHTC investments.
For the fiscal year ended June 30,
(Dollars in thousands)20252024
Tax credits recognized
$5,697 $3,394 
Other tax benefits recognized
1,385 1,466 
Amortization
(5,998)(3,574)
Net benefit (expense) included in income tax expense
1,084 1,286 
Other income (loss) included in banking and service fees
19 2 
Net benefit (expense) included in the Consolidated Statements of Income
$1,103 $1,288 
The Company recognized the following investments on its balance sheets.
For the fiscal year ended June 30,
(Dollars in thousands)20252024
LIHTC investments
$84,875 $65,873 
LIHTC unfunded commitments1
$47,381 $40,617 
1LIHTC unfunded commitments are included in “Accounts Payable and Other Liabilities” on the Consolidated Balance Sheets.
For the fiscal years ended June 30, 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 fiscal years ended June 30, 2025 and 2024, there has been no impairment loss recognized from the forfeiture or ineligibility of income tax credits.
v3.25.2
GOODWILL AND INTANGIBLE ASSETS
 12 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
The following table summarizes the activity in the Company’s goodwill balance as of the dates indicated:
(Dollars in thousands)Total
Balance as of June 30, 2023
$97,673 
Goodwill from acquisitions— 
Balance as of June 30, 2024
97,673 
Goodwill from acquisitions— 
Balance as of June 30, 2025
$97,673 
There was no goodwill impairment identified for the fiscal years ended June 30, 2025 and June 30, 2024.
The Company’s acquired intangible assets are summarized as follows as of the dates indicated:
June 30, 2025
June 30, 2024
(Dollars in thousands)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Covenant not to compete$1,387 $1,369 $18 $1,387 $1,258 $129 
Customer relationships50,810 21,913 28,897 50,810 18,453 32,357 
Customer deposit intangible13,545 11,657 1,888 13,545 10,569 2,976 
Developed technologies34,650 29,414 5,236 34,650 26,833 7,817 
Trademark518 — 518 378 — 378 
Trade name950 710 240 950 637 313 
Workforce
206 174 32 206 79 127 
Total intangible assets$102,066 $65,237 $36,829 $101,926 $57,829 $44,097 
The amortization expense for intangible assets that are subject to amortization was $7.4 million and $10.8 million for the fiscal years ended June 30, 2025 and 2024, respectively. Each intangible asset subject to amortization is amortized using the straight-line method over the estimated useful life of the asset. Trademark is an indefinite life intangible.
Estimated future amortization expense related to finite-lived intangible assets at June 30, 2025 is as follows:
(Dollars in thousands)Amortization Expense
For the fiscal year ending June 30,
2026$6,117 
20275,821 
20285,283 
20293,408 
20302,915 
v3.25.2
DEPOSITS
 12 Months Ended
Jun. 30, 2025
Deposits [Abstract]  
DEPOSITS DEPOSITS
The following table sets forth the composition of the deposit portfolio:
(Dollars in thousands)June 30, 2025June 30, 2024
Non-interest-bearing$3,040,696 $2,975,631 
Interest-bearing demand and savings$16,660,290 $15,445,490 
Time deposits1,128,557 938,096 
Total interest bearing$17,788,847 $16,383,586 
Total deposits1
$20,829,543 $19,359,217 
1 Total deposits includes brokered deposits of $1,801.1 million and $1,611.6 million as of as of June 30, 2025 and 2024, respectively, which include brokered time deposits of $700.0 million and $400.0 million, as of as of June 30, 2025 and 2024, respectively.
Scheduled maturities of time deposits are as follows:
(Dollars in thousands)
June 30, 2025
Within 12 months$961,573 
13 to 24 months106,869 
25 to 36 months55,064 
37 to 48 months1,333 
49 to 60 months3,718 
Total$1,128,557 
At June 30, 2025 and 2024, the Company had deposits from executive officers and directors in the amount of $4.6 million and $5.4 million, respectively.
v3.25.2
ADVANCES FROM THE FEDERAL HOME LOAN BANK
 12 Months Ended
Jun. 30, 2025
Advance from Federal Home Loan Bank [Abstract]  
ADVANCES FROM THE FEDERAL HOME LOAN BANK ADVANCES FROM THE FEDERAL HOME LOAN BANK
Maturities and weighted-average rates of fixed-rate advances from FHLB are as follows:
At June 30,
 20252024
(Dollars in thousands)AmountWeighted-
Average Rate		AmountWeighted-
Average Rate
Within one year$— — %$30,000 2.82 %
After one but within two years— — %— — %
After two but within three years— — %— — %
After three but within four years— — %— — %
After four but within five years60,000 2.07 %— %
After five years— — %60,000 2.07 %
Total$60,000 2.07 %$90,000 2.32 %
Advances from the FHLB were collateralized by the Company’s pledge of certain loans and available-for-sale securities to the FHLB, and by the Company’s investment in capital stock of the FHLB of San Francisco. Generally, each advance carries a prepayment penalty and is payable in full at its maturity date.
At June 30, 2025, the Company had $2,799.2 million available immediately and $4,925.6 million available with additional collateral for advances from the FHLB for terms up to ten years.
v3.25.2
BORROWINGS, SUBORDINATED NOTES AND DEBENTURES
 12 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
BORROWINGS, SUBORDINATED NOTES AND DEBENTURES BORROWINGS, SUBORDINATED NOTES AND DEBENTURES
The following table sets forth the composition of the borrowings, subordinated notes and debentures as of the dates indicated:
(Dollars in thousands)
June 30, 2025
June 30, 2024
Borrowings from other banks$— $— 
Subordinated loans7,400 7,400 
Subordinated notes301,000 315,000 
Junior subordinated debentures5,155 5,155 
Total borrowings, subordinated notes and debentures, gross of unamortized issuance costs313,555 327,555 
Less unamortized issuance costs(884)(1,876)
Total borrowings, subordinated notes and debentures, net of unamortized issuance costs$312,671 $325,679 
Maturities of borrowings, subordinated notes and debentures are as follows:
(Dollars in thousands)
June 30, 2025
Within one year$7,400 
After one but within two years— 
After two but within three years— 
After three but within four years— 
After four but within five years— 
After five years306,155 
Total$313,555 
Borrowings from other banks. Axos Clearing has a $150 million secured line of credit available for borrowing. As of June 30, 2025, there was no amount outstanding, and as of June 30, 2024 there was no amount outstanding. This credit facility bears interest at rates based on the Federal Funds rate and is due upon demand.
Axos Clearing has a $110 million unsecured line of credit available for limited purpose borrowing. As of June 30, 2025, there was no amount outstanding on this credit facility, and as of June 30, 2024 there was no amount outstanding. This credit facility bears interest at rates based on the Federal Funds rate and is due upon demand. The unsecured line of credit requires Axos Clearing to operate in accordance of specific covenants surrounding capital and debt ratios. Axos Clearing was in compliance of all covenants as of June 30, 2025.
Subordinated Loans. The Company issued subordinated loans totaling $7.5 million on January 28, 2019, to the principal stockholders of Cor Securities Holdings, Inc. (“COR Securities”) in an equal principal amount, with a maturity of 15 months and a 6.25% interest rate, to serve as the sole source of payment of indemnification obligations of the principal stockholders of COR Securities under the applicable merger agreement. During the fiscal year ended June 30, 2019, $0.1 million of subordinated loans were repaid. As of June 30, 2025, an indemnification claim against the $7.4 million remains pending.
Subordinated Notes. In September 2020, the Company completed the sale of $175 million aggregate principal amount of its 4.875% Fixed-to-Floating Rate Subordinated Notes due October 1, 2030 (the “2030 Notes”). The 2030 Notes mature on October 1, 2030 and accrue interest at a fixed rate per annum equal to 4.875%, payable semi-annually in arrears on April 1 and October 1 of each year, commencing on April 1, 2021. From and including October 1, 2025, to, but excluding October 1, 2030 or the date of early redemption, the 2030 Notes will bear interest at a floating rate per annum equal to three-month term SOFR plus a spread of 476 basis points, payable quarterly in arrears on January 1, April 1, July 1 and October 1 of each year, commencing on January 2026. The 2030 Notes may be redeemed on or after October 1, 2025, 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 over the term of the 2030 Notes. On September 27, 2024, the Company paid $9.2 million to repurchase $9.5 million par value of its 2030 Notes 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 gain is recorded in “General and administrative expense” in the Consolidated Statements of Income for the fiscal year ended June 30, 2025.
In February 2022, the Company completed the sale of $150 million aggregate principal amount of its 4.00% Fixed-to-Floating Rate Subordinated Notes (the “2032 Notes”). The 2032 Notes are obligations only of Axos Financial, Inc. The 2032 Notes mature on March 1, 2032 and accrue interest at a fixed rate per annum equal to 4.00%, payable semi-annually in arrears on March 1 and September 1 of each year, commencing on September 1, 2022. From and including March 1, 2027, to, but excluding March 1, 2032 or the date of early redemption, the 2032 Notes will bear interest at a floating rate per annum equal to three-month term SOFR plus a spread of 227 basis points, payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, commencing on June 1, 2027. The 2032 Notes may be redeemed on or after March 1, 2027, 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 over the term of the 2032 Notes. On July 15, 2024, the Company paid $2.6 million to repurchase $3.0 million par value of its 2032 Notes resulting in a pre-tax non-cash gain on extinguishment of $0.4 million, after accounting for unamortized issuance costs and accrued interest. On June 5, 2025, the Company paid $1.4 million to repurchase $1.5 million par value of its 2032 Notes resulting in a pre-tax non-cash gain on extinguishment of $0.1 million, after accounting for unamortized issuance costs and accrued interest. The non-cash gains are recorded in “General and administrative expense” in the Consolidated Statements of Income for the fiscal year ended June 30, 2025.
Junior Subordinated Debentures. On December 13, 2004, the Company entered into an agreement to form an unconsolidated trust which issued $5.0 million of trust preferred securities in a transaction that closed on December 16, 2004. The net proceeds from the offering were used to purchase $5.2 million of junior subordinated debentures (“Debentures”) of the Company with a stated maturity date of February 23, 2035. The Debentures are the sole assets of the trust. The trust preferred securities are mandatorily redeemable upon maturity, or upon earlier redemption as provided in the indenture. The Company has the right to redeem the Debentures in whole (but not in part) on or after specific dates, at a redemption price specified in the indenture plus any accrued but unpaid interest through the redemption date. Interest accrues at the rate of three-month term SOFR plus a 2.4% margin and a 0.26% spread adjustment, for a rate of 6.99% as of June 30, 2025, with interest paid quarterly.
Other Available Borrowings. The Bank has the ability to borrow short-term from the FRBSF Discount Window. At June 30, 2025 and 2024, there were no amounts outstanding and the available borrowings from this source were $7,046.5 million and $6,976.2 million, respectively. The 2025 available borrowings were collateralized by certain loans. The Bank has additional unencumbered collateral that could be pledged to the FRBSF Discount Window to increase borrowing liquidity.
As of June 30, 2025, the Bank has federal funds lines of credit with five major banks totaling $250.0 million. The Bank had no outstanding balances on its lines of credit as of June 30, 2025 or June 30, 2024.
v3.25.2
INCOME TAXES
 12 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The provision for income taxes is as follows:
Fiscal Year Ended
At June 30,
(Dollars in thousands)202520242023
Current:
Federal$130,062 $98,814 $89,839 
State78,381 53,525 54,326 
208,443 152,339 144,165 
Deferred:
Federal(25,702)17,501 (13,084)
State(2,254)15,633 (6,502)
(27,956)33,134 (19,586)
Total$180,487 $185,473 $124,579 
The differences between the statutory federal income tax rate and the effective tax rates are summarized as follows:
Fiscal Year Ended
At June 30,
202520242023
Statutory federal tax rate21.00 %

21.00 %21.00 %
Increase (decrease) resulting from:
State taxes—net of federal tax benefit8.86 %8.90 %9.04 %
Tax credits(0.43)%(0.58)%(0.45)%
Non-taxable income(0.15)%(0.08)%(0.03)%
Excess benefit RSU vesting(0.97)%(0.42)%(0.41)%
Uncertain tax positions
1.29 %0.88 %0.39 %
Other(0.18)%(0.51)%(0.69)%
Effective tax rate29.42 %29.19 %28.85 %
The components of the net deferred tax asset are as follows:
At June 30,
(Dollars in thousands)20252024
Deferred tax assets:
Allowance for credit losses$91,922 $96,275 
Lease liability16,650 21,400 
Accrued compensation3,306 9,783 
Stock-based compensation expense8,134 8,282 
Litigation accrual— 5,324 
Nonaccrual loan interest income
8,419 9,034 
Unrealized net losses on securities— 1,079 
Depreciation and amortization
5,090 — 
Net operating loss carryforward
1,021 1,160 
State taxes5,967 4,282 
Securities impaired236 273 
Other DTA
37 — 
Total deferred tax assets$140,782 $156,892 
Deferred tax liabilities:
Basis difference in acquired loans
(43,773)(78,034)
Operating lease right-of-use asset(15,002)(19,406)
Unrealized net gain securities(160)— 
Depreciation and amortization— (4,679)
Other assets—prepaids(2,532)(2,183)
FHLB stock dividend(738)(852)
Total deferred tax liabilities$(62,205)$(105,154)
Net deferred tax asset78,577 51,738 
Valuation allowance(70)(70)
Net deferred tax asset, net of valuation allowance1
$78,507 $51,668 
1 Net deferred tax asset, net of valuation allowance, is included in “Other Assets” in the Consolidated Balance Sheets.
In June 2025, the State of California adopted its fiscal year 2026 budget, which, among other things, changed the way financial institutions’ multi-state income is apportioned to the State of California. The change, which now requires the use of a single sales factor versus the previously required three-factor apportionment formula, required the Company to remeasure its California deferred tax asset and resulted in revaluation of $5.5 million recognized in the fiscal year ended June 30, 2025.
On July 4, 2025, President Trump signed into law the legislation formally titled “An Act to Provide for Reconciliation Pursuant to Title II of H. Con. Res. 14” and commonly referred to as the One Big Beautiful Bill (“the Act”). The Company is currently evaluating income tax implications of the Act. The Company does not expect the Act to have a material impact on the Company’s financial statements.
The Company records a deferred tax asset for net operating losses when the benefit is more likely than not to be realized. As of June 30, 2025, the Company had a federal net operating loss carryforward of approximately $3.5 million, all of which is subject to an annual Section 382 limitation of $0.1 million. The federal net operating loss carryforward begins to expire in 2034.
The Company has state net operating loss carryforwards of $3.0 million. Of this amount, only $0.7 million is subject to an annual Section 382 limitation of $0.1 million. The state net operating loss carryforwards begin to expire in 2035.
The Company establishes a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion of the deferred tax assets will not be realized. As of June 30, 2025, relating to a $0.7 million state net operating loss, the Company recognized a valuation allowance of $0.1 million. As of June 30, 2025 and 2024, the Company forecasts sufficient future consolidated earnings to realize its remaining deferred tax asset and has not provided for an additional allowance.
The reconciliation of the gross beginning and ending amount of unrecognized tax positions are as follows:
(Dollars in thousands)20252024
Balance—beginning of period$14,089 $6,924 
Additions—current year tax positions11,156 8,709 
Additions—prior year tax positions— — 
Reductions—prior year tax positions(1,633)(1,544)
Total liability for unrecognized tax positions—end of period$23,612 $14,089 
As of June 30, 2025 and 2024, unrecognized tax benefits totaled $19.6 million and $11.6 million, respectively, that, if recognized, would favorably impact the effective tax rate. The Company does not anticipate resolution of any unrecognized tax benefits within the next 12 months. The Company accounts for interest and penalties related to income tax liabilities as a component of income tax expense. During the fiscal years ended June 30, 2025 and 2024, the Company recognized an expense of $0.1 million and a benefit of $0.1 million, respectively, in interest and penalties. The Company had approximately $0.6 million and $0.5 million for the payment of interest and penalties accrued at June 30, 2025, and 2024, respectively. The Company will occasionally file amended returns to capture additional tax refunds. An amended return was filed to preserve a claim for refund. Due to the uncertainty involved in this claim, management recognized a 100% reserve against it during the fiscal years ended June 30, 2024 and 2025.
The Company is subject to federal income tax and income tax of state taxing authorities. The Company’s federal income tax returns for the fiscal years ended June 30, 2024, 2023 and, 2022 and its state taxing authorities income tax returns for the fiscal years ended June 30, 2024, 2023, 2022 and 2021 are open to audit under the statutes of limitations by the Internal Revenue Service and state taxing authorities.
v3.25.2
STOCKHOLDERS' EQUITY
 12 Months Ended
Jun. 30, 2025
Equity [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS’ EQUITY
Common Stock Repurchases. On April 27, 2023, the Company announced a program to repurchase up to $100 million of its common stock and on each of February 12, 2024 and May 12, 2025, the Company announced an additional $100 million increase to the common stock repurchase program. The Company may repurchase shares on the open market or through privately negotiated transactions at times and prices considered appropriate, at the discretion of the Company, and subject to its assessment of alternative uses of capital, stock trading price, general market conditions and regulatory factors. The repurchase program does not obligate the Company to acquire any specific number of shares. The share repurchase program will continue in effect until terminated by the Board of Directors of the Company. The Company accounts for treasury stock using the cost method as a reduction of stockholders’ equity in the accompanying Consolidated Financial Statements.
The following table presents common stock repurchases:
Fiscal Year Ended
June 30,
(Dollars in thousands, except per share data)20252024
Total repurchase$58,450 $97,023 
Number of shares repurchased951,927 2,541,254 
Average price paid per share$61.40 $38.18 
As of June 30, 2025, the Company has approximately $148.1 million remaining under the share repurchase authorizations.
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.
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 fiscal year ended June 30, 2025
(Dollars in thousands)Unrealized gain (loss) on available-for-sale securitiesCash flow hedgesAccumulated other comprehensive income
Balance at June 30, 2024
$(2,466)$— $(2,466)
Other comprehensive income/(loss)1,686 1,128 2,814 
Balance at June 30, 2025
$(780)$1,128 $348 
For the fiscal year ended June 30, 2024
(Dollars in thousands)Unrealized gain (loss) on available-for-sale securitiesCash flow hedgesAccumulated other comprehensive income
Balance at June 30, 2023
$(6,610)$— $(6,610)
Other comprehensive income/(loss)4,144 — 4,144 
Balance at June 30, 2024
$(2,466)$— $(2,466)
For the fiscal year ended June 30, 2023
(Dollars in thousands)Unrealized gain (loss) on available-for-sale securitiesCash flow hedgesAccumulated other comprehensive income
Balance at June 30, 2022$(2,933)$— $(2,933)
Other comprehensive income/(loss)(3,677)— (3,677)
Balance at June 30, 2023
$(6,610)$— $(6,610)
The following table presents the pre-tax and after-tax changes in the components of other comprehensive income.
For the fiscal year ended June 30, 2025
For the fiscal year ended June 30, 2024
For the fiscal year ended
June 30, 2023
(Dollars in thousands)Pre-
tax		Tax
effect		After-
tax		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$2,372 $(686)$1,686 $5,931 $(1,787)$4,144 $(5,252)$1,575 $(3,677)
Reclassification adjustment for realized (gains)/losses included in net income— — — — — — — — — 
Net change$2,372 $(686)$1,686 $5,931 $(1,787)$4,144 $(5,252)$1,575 $(3,677)
Cash flow hedges:
Net unrealized gains/(losses) arising during the period$5,448 $(1,828)$3,620 $— $— $— $— $— $— 
Reclassification adjustment for realized (gains)/losses included in net income(3,749)1,257 (2,492)— — — — — — 
Net change1,699 (571)1,128 — — — — — — 
Total other comprehensive income/(loss)$4,071 $(1,257)$2,814 $5,931 $(1,787)$4,144 $(5,252)$1,575 $(3,677)
v3.25.2
STOCK-BASED COMPENSATION
 12 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION 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 RSUs, stock appreciation rights and other awards to employees, directors and consultants. The Plan is designed to encourage selected employees and directors to improve operations and increase profits, and to accept or continue employment or association with the Company through participation in the growth in the value of the Company’s common stock. RSUs have a grant price equal to the closing price of the Company’s common stock on the award date. RSUs granted generally vest over a three-year period based on service, with 33% of the underlying shares vesting on each annual anniversary of the award.
2014 Plan. In November 2023, the Company’s Board of Directors and stockholders approved the 2014 Plan, as amended and restated. The number of shares authorized for issuance pursuant to awards under the 2014 Plan is 6,680,000, less RSU awards granted, plus any RSUs that become available upon the forfeiture, expiration, cancellation or settlement in cash awards outstanding under the 2014 Plan. At June 30, 2025, 1,191,861 shares of common stock remained available for issuance pursuant to grant awards under the 2014 Plan.
Effective July 1, 2017, the Company entered into a five-year employment agreement with its Chief Executive Officer (the “Agreement”) that authorizes an award of RSUs (the “RSU award”). The RSU award is an equity-based award and carries
a service condition and a market condition that incorporates a measurement of the Company’s total stock return to stockholders in comparison to the total stock return of the ABA Nasdaq Community Bank Index. The accounting grant date of the RSU award is July 1, 2017 and expensing of the RSU award began on this date at the fair value measurement amount as determined by the Company’s valuation process. The Company utilized a Monte Carlo simulation to estimate the value of path-dependent options and determined the fair value using an expected return based on the 5-year US Treasury constant maturity rate, an equity volatility based on 6-month and 1-year historical daily trading history, market capitalization, and stock price for the RSU award. On July 1, 2017, the estimated fair value of the RSU award was $20.5 million, which vests in five tranches over a total period of nine years.
Effective each January 1st following the initial five-year term, the Agreement automatically renewed for one additional fiscal year term with the accounting grant date the same as the renewal date of the respective award. For each automatic one-year renewal, the Company utilized a Monte Carlo simulation with key inputs of an expected return on the average of the 1 and 2 year U.S. Treasury constant maturity rate, an equity volatility based on 1.5 year historical daily trading history, market capitalization, and stock price. The estimated fair values for the one-year renewals occurring during the fiscal years ended June 30, 2025, 2024 and 2023 Award were $8.8 million, $9.4 million and $5.2 million respectively, on each award’s grant date. The actual awards are determined by the actual performance of the Company’s total stock return in comparison to the total stock return of the ABA Nasdaq Community Bank Index in the respective periods.
As of June 30, 2025, compensation expense not yet recognized over the remaining term of the Agreement and subsequent renewals was $16.3 million.
At June 30, 2025, compensation expense not yet recognized related to non-vested awards was $63.6 million and the weighted-average period over which it is expected to be recognized is 1.3 years.
The following table presents the status and changes in RSUs for the periods indicated:
RSUsWeighted-Average
Grant-Date Fair Value
Non-vested balance at June 30, 2024
1,541,194 $43.95 
Granted1,014,356 63.94 
Vested(880,010)46.38 
Forfeitures(111,524)49.66 
Non-vested balance at June 30, 2025
1,564,016 $55.50 
The Company recognized $35.5 million, $30.7 million and $26.1 million of stock compensation in net income for the fiscal years ended June 30, 2025, 2024 and 2023. The related income tax benefit was $10.4 million, $9.0 million and $7.5 million in the respective years. The total fair value of shares vested during the fiscal year ended June 30, 2025 was $60.6 million.
v3.25.2
EARNINGS PER COMMON SHARE
 12 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE EARNINGS PER COMMON SHARE
The following table presents the calculation of basic and diluted earnings per common share (“EPS”):
June 30,
(Dollars in thousands, except per share data)202520242023
Earnings Per Common Share
Net income$432,908 $450,008 $307,165 
Average common shares issued and outstanding56,862,630 57,509,029 59,691,541 
Earnings per common share$7.61 $7.82 $5.15 
Diluted Earnings Per Common Share
Net income$432,908 $450,008 $307,165 
Average common shares issued and outstanding56,862,630 57,509,029 59,691,541 
Dilutive effect of average unvested RSUs1,378,791 1,216,607 875,313 
Average dilutive common shares outstanding58,241,421 58,725,636 60,566,854 
Diluted earnings per common share$7.43 $7.66 $5.07 
Weighted average antidilutive common stock equivalents (excluded from the computation of EPS)6,192 9,744 4,505 
v3.25.2
COMMITMENTS, CONTINGENCIES AND OFF-BALANCE-SHEET ACTIVITIES
 12 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS, CONTINGENCIES, AND OFF-BALANCE-SHEET ACTIVITIES COMMITMENTS, CONTINGENCIES AND OFF-BALANCE-SHEET ACTIVITIES
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.
(dollars in thousands)
June 30, 2025
Commitments to fund loans$5,575,685 
Commitments to sell loans$6,166 
Commitments to contribute capital - Non-LIHTC
$3,514 
Standby letters of credit$9,225 
In addition, the Company has $47.4 million of commitments to contribute capital to LIHTC investments included in “Accounts Payable and Other Liabilities” on the Consolidated Balance Sheets. Refer to Note 9—“Other Assets” for additional information on LIHTC investments.
In the normal course of business, Axos Clearing’s 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. As of June 30, 2025, non-customer and customer margin securities were available to the Company to utilize as collateral on various borrowings or for other purposes. The Company pledged $139.4 million of these available securities as collateral for securities loaned, pledged $146.7 million for bank loans, and pledged $52.0 million to meet OCC margin requirements of $29.5 million.
Litigation. A consolidated derivative action, In re BofI Holding, Inc., Case No. 15cv2722GPC (KSC), is pending before the United States District Court for the Southern District of California (the “Derivative Action”). The complaint in the Derivative Action sets 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. The Derivative Action defendants filed a Motion to Dismiss the Third Amended Complaint on April 4, 2025. A hearing on said motion was held on June 26, 2025, and the court has yet to issue its decision. Such defendants dispute, and intend to vigorously defend 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 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. All defendants dispute, and intend 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.
v3.25.2
REGULATORY CAPITAL REQUIREMENTS
 12 Months Ended
Jun. 30, 2025
Banking Regulation, Minimum Regulatory Capital Requirements [Abstract]  
REGULATORY CAPITAL REQUIREMENTS REGULATORY CAPITAL REQUIREMENTS
The Company and the Bank. The Company and Bank are subject to regulatory capital adequacy requirements promulgated by federal bank regulatory agencies. Failure by the Company or Bank to meet minimum capital requirements could result in certain mandatory and discretionary actions by regulators that could have a material adverse effect on our results of operations or financial condition. The Federal Reserve establishes capital requirements for the Company and the OCC has similar requirements for the Bank. Under these capital requirements and the regulatory framework for prompt corrective action, the Company and Bank must meet specific capital guidelines that involve quantitative measures of the Company and Bank’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s and Bank’s capital amounts and classifications are also subject to qualitative judgments by regulators about components, risk weightings and other factors.
Quantitative measures established by regulation require the Company and Bank to maintain certain minimum capital amounts and ratios. Federal bank regulators require the Company and Bank to maintain minimum ratios of tier 1 capital to adjusted average assets of 4.0%, common equity tier 1 capital to risk-weighted assets of 4.5%, tier 1 capital to risk-weighted assets of 6.0% and total risk-based capital to risk-weighted assets of 8.0%. To be “well capitalized,” the Company and Bank must maintain minimum leverage, common equity tier 1 risk-based, tier 1 risk-based and total risk-based capital ratios of at least 5.0%, 6.5%, 8.0% and 10.0%, respectively. Additionally, the Bank is required to maintain a tangible capital ratio equal to at least 1.5% of total average adjusted assets. At June 30, 2025, the Company and Bank met all the capital adequacy requirements to which they were subject. At June 30, 2025, the Company and Bank were “well capitalized” under the regulatory framework for prompt corrective action. Management believes that no conditions or events have occurred since June 30, 2025 that would materially adversely change the Company’s and Bank’s capital classifications. From time to time, we may need to raise additional capital to support the Company’s and Bank’s further growth and to maintain their “well capitalized” status.
The Company and Bank both elected the five-year CECL transition guidance for calculating regulatory capital and ratios and the June 30, 2025 and June 30, 2024 amounts reflect this election. This guidance allowed an entity to add back to regulatory capital 100% of the impact of the day one CECL transition adjustment and 25% of subsequent increases to the allowance for credit losses through June 30, 2024. Beginning with fiscal year 2023, this cumulative amount is phased out of regulatory capital at 25% per year until it is 100% phased out of regulatory capital beginning in fiscal year 2026.
The Company’s and Bank’s capital amounts, capital ratios and capital requirements under Basel III were as follows:
Axos Financial, Inc.Axos Bank“Well 
Capitalized”
Ratio		Minimum Capital
Ratio
(Dollars in thousands)
June 30,
2025
June 30,
2024
June 30,
2025
June 30,
2024
Regulatory Capital:
Tier 1 $2,554,071$2,167,781$2,360,284$2,181,426
Common equity tier 1 $2,554,071$2,167,781$2,360,284$2,181,426
Total capital$3,117,763$2,678,489$2,603,589$2,365,061
Assets:
Average adjusted$23,813,242$22,979,871$23,077,089$22,391,541
Total risk-weighted $20,404,204$18,049,571$19,003,094$17,128,880
Regulatory Capital Ratios:
Tier 1 leverage (to adjusted average assets)10.73 %9.43 %10.23 %9.74 %5.00%4.00%
Common equity tier 1 capital (to risk-weighted assets)12.52 %12.01 %12.42 %12.74 %6.50%4.50%
Tier 1 capital (to risk-weighted assets)12.52 %12.01 %12.42 %12.74 %8.00%6.00%
Total capital (to risk-weighted assets)15.28 %14.84 %13.70 %13.81 %10.00%8.00%
Under Basel III all banking organizations are required to maintain a capital conservation buffer above the minimum risk-based capital requirements in order to avoid certain limitations on capital distributions, stock repurchases and discretionary bonus payments to executive officers. The capital conservation buffer is exclusively composed of common equity tier 1 capital, and it applies to each of the three risk-based capital ratios but not the leverage ratio. At June 30, 2025, the Company and Bank were in compliance with the capital conservation buffer requirement. Inclusive of the fully phased-in capital conservation buffer, the common equity Tier 1 capital, Tier 1 risk-based capital and total risk-based capital ratio minimums are 7.0%, 8.5% and 10.5%, respectively. A banking organization with a buffer of less than the required amount is subject to increasingly stringent limitations on such distributions and payments as the buffer approaches zero. In addition, these requirements also generally prohibit a banking organization from making such distributions or payments during any quarter if its eligible retained income is negative and its capital conservation buffer ratio was 2.5% or less at the end of the previous quarter. The eligible retained income of a banking organization is defined as its net income for the four calendar quarters preceding the current calendar quarter, based on the organization’s quarterly regulatory reports, net of any distributions and associated tax effects not already reflected in net income.
Axos Clearing. Pursuant to the net capital requirements of the Exchange Act, Axos Clearing is subject to the SEC Uniform Net Capital (Rule 15c3-1 of the Exchange Act). Under this rule, the Company has elected to operate under the alternate method and is required to maintain minimum net capital of $250,000 or 2% of aggregate debit balances arising from client transactions, as defined. Under the alternate method, Axos Clearing may not repay subordinated debt, pay cash distributions, or make any unsecured advances or loans to its parent or employees if such payment would result in net capital of less than 5% of aggregate debit balances or less than 120% of its minimum dollar requirement.
The net capital positions of Axos Clearing were as follows:
(Dollars in thousands)
June 30, 2025
June 30, 2024
Net capital$86,996 $101,462 
Excess Capital$81,834 $96,654 
Net capital as a percentage of aggregate debit items33.71 %42.21 %
Net capital in excess of 5% aggregate debit items$74,091 $89,442 
Axos Clearing, as a clearing broker, is subject to the SEC Customer Protection Rule (Rule 15c3-3 of the Exchange Act) which requires segregation of funds in a special reserve account for the exclusive benefit of customers (“Customer Reserve Bank Account”) and proprietary accounts of brokers (“PAB Reserve Account”). As of June 30, 2025, Axos Clearing was in compliance with its Customer Reserve Bank Account and PAB Reserve Account deposit requirements.
v3.25.2
EMPLOYEE BENEFIT PLAN
 12 Months Ended
Jun. 30, 2025
Compensation Related Costs [Abstract]  
EMPLOYEE BENEFIT PLAN EMPLOYEE BENEFIT PLAN
The Company has one 401(k) plan whereby substantially all of its employees may participate in the plan. Employees may contribute up to 100% of their compensation subject to certain limits based on federal tax laws. The Company provides an employer matching contribution to the 401(k) plan based on an employee’s designated deferral of their eligible compensation. For the fiscal years ended June 30, 2025, 2024, and 2023, expenses attributable to the plan amounted to $6.5 million, $4.5 million, and $3.5 million, respectively. These expenses are included in “Salaries and related costs” in the Consolidated Statements of Income. The contribution made during the fiscal year ended June 30, 2025, was 57,947 shares with a fair market value of $4.0 million and is reflected in “Stock-based compensation activity” in the Consolidated Statements of Stockholders’ Equity.
v3.25.2
PARENT-ONLY CONDENSED FINANCIAL INFORMATION
 12 Months Ended
Jun. 30, 2025
Condensed Financial Information Disclosure [Abstract]  
PARENT-ONLY CONDENSED FINANCIAL INFORMATION PARENT-ONLY CONDENSED FINANCIAL INFORMATION
The following tables present Axos Financial, Inc. (Parent company only) financial information and should be read in conjunction with the Consolidated Financial Statements of the Company and the other notes to the Consolidated Financial Statements. Adjustments to investment in subsidiaries, stockholders’ equity and equity in undistributed earnings of subsidiaries have been made to eliminate an intercompany transaction between multiple subsidiaries and the Parent company.
CONDENSED BALANCE SHEETS
 At June 30,
(Dollars in thousands)20252024
ASSETS
Cash and cash equivalents$185,865 $109,610 
Securities68,749 78,321 
Advances to non-bank subsidiaries— 3,000 
Other assets126,611 68,321 
Investment in bank subsidiaries2,477,715 2,241,746 
Investment in non-bank subsidiaries352,630 216,164 
Total assets
$3,211,570 $2,717,162 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Borrowings, subordinated notes and debentures$312,671 $325,679 
Accounts payable and other liabilities218,222 100,887 
Total liabilities530,893 426,566 
Stockholders’ equity2,680,677 2,290,596 
Total liabilities and stockholders’ equity$3,211,570 $2,717,162 
CONDENSED STATEMENTS OF INCOME
 
Fiscal Year Ended June 30,
(Dollars in thousands)202520242023
Interest income$7,388 $4,279 $1,656 
Interest expense14,827 15,990 15,909 
Net interest (expense) income(7,439)(11,711)(14,253)
Provision for loan losses2,575 (184)— 
Net interest (expense) income, after provision for credit losses(10,014)(11,527)(14,253)
Non-interest income (loss)15,727 13,247 11,448 
Non-interest expense and tax benefit (expense)1
56,078 31,366 15,866 
Income (loss) before dividends from subsidiary and equity in undistributed income of subsidiaries(50,365)(29,646)(18,671)
Dividends from bank subsidiaries160,000 120,000 45,000 
Dividends from non-bank subsidiaries35,000 26,000 13,750 
Equity in undistributed earnings of subsidiaries288,273 333,654 267,086 
Net income$432,908 $450,008 $307,165 
Comprehensive income$435,722 $454,152 $303,488 
1 Includes tax benefit/(expense) of $(10.3) million, $6.4 million, and $11.9 million for the fiscal years ended June 30, 2025, 2024, and 2023, respectively.
CONDENSED STATEMENTS OF CASH FLOWS
 
Fiscal Year Ended June 30,
(Dollars in thousands)202520242023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$432,908 $450,008 $307,165 
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation, amortization and accretion24,499 9,532 12,383 
Stock-based compensation expense41,970 35,194 26,100 
Equity in undistributed earnings of subsidiaries(288,273)(333,654)(267,086)
Decrease (increase) in other assets(4,235)15,849 (3,448)
Increase (decrease) in other liabilities111,982 (17,922)(1,069)
Net cash provided by operating activities318,851 159,007 74,045 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investments
(1,001)(20,351)— 
Purchases of loans, net of discounts or premiums
(55,664)— — 
Proceeds from principal repayments on loans5,051 5,000 25,000 
Purchases of furniture, equipment, software and intangibles(18,650)(5,378)(805)
Investment in subsidiaries(73,320)(23,200)(25,825)
Net cash used in investing activities(143,584)(43,929)(1,630)
CASH FLOWS FROM FINANCING ACTIVITIES:
Tax payments related to the settlement of restricted stock units(27,640)(16,192)(6,144)
Repurchase of treasury stock(58,203)(96,286)(48,963)
Repurchase of subordinated notes
(13,169)(8,938)— 
Net cash provided by (used in) financing activities(99,012)(121,416)(55,107)
NET CHANGE IN CASH AND CASH EQUIVALENTS76,255 (6,338)17,308 
CASH AND CASH EQUIVALENTS—Beginning of year109,610 115,948 98,640 
CASH AND CASH EQUIVALENTS—End of year$185,865 $109,610 $115,948 
v3.25.2
SEGMENT REPORTING
 12 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING 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, who is the CODM, 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 and by which segment results are evaluated by the CODM in deciding how to allocate resources and in assessing performance.
The Company evaluates performance and allocates resources based on pre-tax profit or loss from operations in conjunction with its corporate strategy. Salaries and related costs represent the significant segment expense that is regularly provided to the CODM.
The Company operates through two 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, as well as interest expense paid by the Banking Business Segment to each of the wholly-owned subsidiaries of the Company and to the Company itself for their operating cash held on deposit with the Banking 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, and includes both loans held for investment and held for sale as well as originated and purchased loans. 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. In addition, the assets and activities related to three lending-related entities and certain other lending activities are included in the Banking Business Segment.
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.
In order to reconcile the two segments to the consolidated totals, the Company includes parent-only activities and intercompany eliminations. Certain revenues, expenses, assets, and liabilities are presented in “Corporate/Eliminations” in the tables below as they do not exceed the thresholds established for reportable segments under U.S. GAAP. The following tables present the operating results, goodwill, and assets of the segments:
For the Fiscal Year Ended June 30, 2025
(Dollars in thousands)Banking
Business Segment		Securities Business SegmentCorporate/EliminationsAxos Consolidated
Net interest income$1,114,173 $28,431 $(14,832)$1,127,772 
Provision for credit losses55,745 — — 55,745 
Non-interest income46,430 119,138 (34,502)131,066 
Salaries and related costs207,911 59,439 30,605 297,955 
Other segment items1
265,634 55,188 (29,079)291,743 
Total non-interest expense473,545 114,627 1,526 589,698 
Income before taxes$631,313 $32,942 $(50,860)$613,395 
For the Fiscal Year Ended June 30, 2024
(Dollars in thousands)Banking
Business Segment		Securities Business SegmentCorporate/EliminationsAxos Consolidated
Net interest income$950,832 $26,207 $(15,610)$961,429 
Provision for credit losses32,500 — — 32,500 
Non-interest income139,071 129,020 (45,431)222,660 
Salaries and related costs177,065 55,954 17,854 250,873 
Other segment items1
241,630 59,137 (35,532)265,235 
Total non-interest expense418,695 115,091 (17,678)516,108 
Income before taxes$638,708 $40,136 $(43,363)$635,481 
For the Fiscal Year Ended June 30, 2023
(Dollars in thousands)Banking
Business Segment		Securities Business SegmentCorporate/EliminationsAxos Consolidated
Net interest income$776,294 $21,042 $(14,215)$783,121 
Provision for credit losses24,250 — — 24,250 
Non-interest income42,260 141,107 (62,879)120,488 
Salaries and related costs144,864 47,566 11,841 204,271 
Other segment items1
246,547 55,006 (58,209)243,344 
Total non-interest expense391,411 102,572 (46,368)447,615 
Income before taxes$402,893 $59,577 $(30,726)$431,744 
1 Other segment items includes the non-interest expenses other than salaries and related costs as presented in the Consolidated Statements of Income.
As of June 30, 2025
(Dollars in thousands)Banking
Business Segment		Securities Business SegmentCorporate/EliminationsAxos Consolidated
Goodwill$35,721 $59,953 $1,999 $97,673 
Total Assets$23,988,748 $751,820 $42,510 $24,783,078 
As of June 30, 2024
(Dollars in thousands)Banking
Business Segment		Securities Business SegmentCorporate/EliminationsAxos Consolidated
Goodwill$35,721 $59,953 $1,999 $97,673 
Total Assets$22,165,627 $649,254 $40,453 $22,855,334 
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
Insider Trading Policies and Procedures
 12 Months Ended
Jun. 30, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.2
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Jun. 30, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Risk Management and Strategy
Our risk management processes and procedures include a cybersecurity risk management program as part of its multiple technical layers of defense. Through our cybersecurity risk management program, we have designed and implemented processes for identifying, assessing, preventing, and managing material risks from cybersecurity threats to our critical computer networks, third-party service providers, communication systems, hardware and software, and our critical data, including confidential company and customer information. As part of our cybersecurity risk management program, we evaluate our various technical layers of defense on an ongoing basis including performing incident response planning, frequent vulnerability testing, vendor risk management, intrusion monitoring, and maintaining a security awareness program. We invest in our people, processes and systems and collaborate with appropriate government and law enforcement agencies to help monitor cybersecurity threats as well as prevent and respond to cybersecurity incidents.
We may utilize various resources that we deem necessary based on actual or potential threats and vulnerabilities to Axos, including engaging independent third-party assessors, consultants and/or auditors to help evaluate the effectiveness of our cybersecurity risk management program, processes, and controls.
Our overall enterprise risk management includes a third-party risk management program, through which we identify, monitor, and manage cybersecurity risks inherent in or related to external service providers and other third parties. Through our business lines, we actively assess and oversee our third-party service providers against requirements set by our third-party risk management program and our cybersecurity risk management program.
We have not identified any cybersecurity incidents that have materially affected Axos or its business strategy, results of operations, or financial condition. However, we face ongoing cybersecurity risks which may materially affect the Company in the future. Refer to the Risk Factors section for additional information.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Our risk management processes and procedures include a cybersecurity risk management program as part of its multiple technical layers of defense. Through our cybersecurity risk management program, we have designed and implemented processes for identifying, assessing, preventing, and managing material risks from cybersecurity threats to our critical computer networks, third-party service providers, communication systems, hardware and software, and our critical data, including confidential company and customer information. As part of our cybersecurity risk management program, we evaluate our various technical layers of defense on an ongoing basis including performing incident response planning, frequent vulnerability testing, vendor risk management, intrusion monitoring, and maintaining a security awareness program. We invest in our people, processes and systems and collaborate with appropriate government and law enforcement agencies to help monitor cybersecurity threats as well as prevent and respond to cybersecurity incidents.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] Cybersecurity risk management is part of our Board of Directors’ general oversight function, which includes oversight of the cybersecurity risk management program and any identified cybersecurity risks and incidents. To facilitate its oversight, the Board of Directors receives regular updates from management on cybersecurity.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Chief Risk Officer has primary responsibility for our enterprise risk management program. Our Chief Information Security Officer has primary responsibility for our cybersecurity risk management program and supervises the Company’s cybersecurity personnel.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our Chief Risk Officer has primary responsibility for our enterprise risk management program. Our Chief Information Security Officer has primary responsibility for our cybersecurity risk management program and supervises the Company’s cybersecurity personnel. Both individuals have extensive work experience in various roles involving risk and compliance, including cybersecurity and information security.
The individuals involved in our cybersecurity risk management program are informed about developments in cybersecurity risks and related matters through a variety of channels inside the Company, including but not limited to, briefings from internal teams and alerts and reports produced by various measures we may deploy, as well as information obtained from external sources in the government and private sector, including external third party consultants retained by Axos.
Our Chief Information Security Officer and Chief Risk Officer report information on cybersecurity risks to the Board of Directors on a regular basis.
Cybersecurity Risk Role of Management [Text Block]
Our Chief Risk Officer has primary responsibility for our enterprise risk management program. Our Chief Information Security Officer has primary responsibility for our cybersecurity risk management program and supervises the Company’s cybersecurity personnel. Both individuals have extensive work experience in various roles involving risk and compliance, including cybersecurity and information security.
The individuals involved in our cybersecurity risk management program are informed about developments in cybersecurity risks and related matters through a variety of channels inside the Company, including but not limited to, briefings from internal teams and alerts and reports produced by various measures we may deploy, as well as information obtained from external sources in the government and private sector, including external third party consultants retained by Axos.
Our Chief Information Security Officer and Chief Risk Officer report information on cybersecurity risks to the Board of Directors on a regular basis.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our Chief Risk Officer has primary responsibility for our enterprise risk management program. Our Chief Information Security Officer has primary responsibility for our cybersecurity risk management program and supervises the Company’s cybersecurity personnel.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Both individuals have extensive work experience in various roles involving risk and compliance, including cybersecurity and information security.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Our Chief Risk Officer has primary responsibility for our enterprise risk management program. Our Chief Information Security Officer has primary responsibility for our cybersecurity risk management program and supervises the Company’s cybersecurity personnel. Both individuals have extensive work experience in various roles involving risk and compliance, including cybersecurity and information security.
The individuals involved in our cybersecurity risk management program are informed about developments in cybersecurity risks and related matters through a variety of channels inside the Company, including but not limited to, briefings from internal teams and alerts and reports produced by various measures we may deploy, as well as information obtained from external sources in the government and private sector, including external third party consultants retained by Axos.
Our Chief Information Security Officer and Chief Risk Officer report information on cybersecurity risks to the Board of Directors on a regular basis.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.2
ORGANIZATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation and Consolidation
Basis of Presentation and Consolidation. The 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 three lending-related 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 Consolidated Financial Statements are an integral part of the Company’s financial statements. Certain amounts reported in prior periods have been reclassified to conform with the current presentation.
Axos Financial, Inc. was incorporated in the State of Delaware on July 6, 1999 for the purpose of organizing and launching an internet-based savings bank. The Bank, which opened for business over the internet on July 4, 2000, is subject to regulation and examination by the Office of the Comptroller of the Currency (“OCC”), its primary regulator. The Federal Deposit Insurance Corporation (“FDIC”) insures the Bank’s deposit accounts up to the maximum allowable amount. Axos Clearing LLC, a clearing broker dealer, is regulated by the Securities and Exchange Commission (“SEC”) and Financial Industry Regulatory Authority (“FINRA”). Axos Invest, a platform through which digital investment advisory services are offered to retail investors, is regulated by the SEC and FINRA.
Use of Estimates
Use of Estimates. In preparing the Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America, the Company is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results may differ materially from those estimates.
Revenue Recognition
Revenue Recognition. The Company accounts for certain revenue streams under Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”), which provides that an entity shall recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. Certain non-interest income, such as deposit service fees, advisory fee income and broker-dealer clearing fees, are within the scope of ASC 606.
Advisory Fee Income—Asset-Based Custody Fees and Asset-Based Fund Fees. Asset-based custody fees consist of custody fees, and other ancillary fees. Custody fees vary based on a percentage of average customer assets under custody. Other ancillary fees may be charged based on average customer assets or based on specific activity. Revenue is recognized over the period where assets are held as the customer simultaneously receives and consumes the benefits. Asset-based fund fees consist of 12b-1 and mutual fund shareholder services fees and are paid by mutual fund companies monthly or quarterly based on the underlying agreements. Asset-based fund fees are charged based on a percentage of client assets invested in certain funds. Revenue is calculated each month based on the average daily assets invested in particular funds. Revenue is recognized over the period where assets are invested in certain funds. The performance obligations relate to providing recordkeeping, stockholder and administration services to mutual fund companies and the obligations are satisfied upon the performance of such services. Revenue recognition is constrained until the amount of average assets invested in each fund is known.
Broker-Dealer Clearing Fees. The Company earns revenues for executing, settling and clearing securities transactions for other broker-dealers on a fully disclosed basis. Trade execution and clearing services, when provided together, represent a single performance obligation as the services are not separately identifiable in the context of the contract. Revenues associated with combined trade execution and clearing services, as well as trade execution services on a standalone basis, are recognized at a point in time on trade-date. The Company believes that the performance obligation is satisfied on the trade date because that is
when the underlying security or purchaser is identified, the pricing is agreed upon and the risks and rewards of ownership have been transferred to/from the customer. The Company also earns revenues for services which are separately identifiable and represent a distinct performance obligation which is recognized over time as the customer simultaneously receives and consumes the benefits. Certain clearing or other related fees represent a modification of the original contract as they are distinct services. All trade and execution services are priced at their standalone selling price. Clearing and other fees are generally deducted from the introducing brokers’ commissions on a monthly basis.
Banking and Service Fees—Deposit Service Fees. Service charges on deposit accounts consist of account analysis fees (i.e., net fees earned on analyzed business and public checking accounts), monthly service fees, check orders, and other deposit account related fees. The Company’s performance obligation for account analysis fees and monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Check orders and other deposit account related fees are largely transactional based, and therefore, the Company’s performance obligation is satisfied and related revenue recognized, when incurred. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to customers’ accounts.
Banking and Service Fees—Card Fees. Fees, exchange, and other service charges are primarily comprised of debit card income, ATM fees, merchant services income, and other service charges. Debit card income is primarily comprised of interchange fees earned whenever the Company’s debit cards are processed through card payment networks such as Visa. ATM fees are primarily generated when a Company cardholder uses a non-Company ATM or a non-Company cardholder uses a Company ATM. Merchant services income mainly represents fees charged to merchants to process their debit and credit card transactions, in addition to account management fees. Other service charges include revenue from processing wire transfers, bill pay service, cashier’s checks, and other services. The Company’s performance obligation for fees, exchange, and other service charges are largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payment is typically received immediately or in the following month.
Banking and Service Fees—Technology and Service Fees. Technology and service fees include bankruptcy trustee, fiduciary service income and technology fees. Technology fees primarily include those earned from business management and entertainment accounting and payroll software licenses as well as payroll processing fees. The performance obligation is satisfied as access to the licensed software is provided and upon the processing of payroll. Payment for software licenses and payroll processing is generally received in the month following the provision of service. Bankruptcy trustee and fiduciary service income is primarily comprised of fees earned from the monthly basis point fee and bank account service charges. The products and services provided to the trustee also provide a source of deposits to the Company. The performance obligation is satisfied when the deposits are determined at the end of each month. The expected value method is used to calculate and record the estimated revenue at the beginning of each month based on the amount of deposits. Fees are billed and collected on a monthly basis
The following presents non-interest income, segregated by revenue streams in-scope and out-of-scope of ASC 606 for the periods indicated:
 
Fiscal Year Ended June 30,
(Dollars in thousands)202520242023
Advisory fee income$31,794 $31,335 $28,324 
Broker-dealer clearing fees22,233 20,643 21,903 
Deposit service fees5,430 4,257 4,517 
Card fees2,867 2,516 4,410 
Technology and service fees
3,465 5,890 6,107 
    Non-interest income (in-scope ASC 606)65,789 64,641 65,261 
    Non-interest income (out-of-scope ASC 606)65,277 158,019 55,227 
    Total non-interest income$131,066 $222,660 $120,488 
Contract Balances. A contract asset or receivable is recognized if the Company performs a service or transfers a good in advance of receiving consideration. A contract liability is recognized if the Company receives consideration (or has the unconditional right to receive consideration) in advance of performance. As of June 30, 2025 and 2024, respectively, the Company’s contract assets and liabilities were not considered material.
Other Revenue Recognition. Increases in the net cash surrender value of bank-owned life insurance policies, as well as insurance proceeds received, are recorded in non-interest income and are not subject to income taxes. Lending related income includes fees earned from gains or losses on the sale of loans, and letter of credit fees. Gain or loss on the sale of financial
assets is measured as the net assets received from the sale less the carrying amount of the loan sold. The net assets received from the sale represent the fair value of any assets obtained or liabilities incurred as part of the transaction, including but not limited to cash, servicing assets, retained securitization investments and recourse obligations. Net gain or loss on the sale of repossessed assets is calculated by comparing sales proceeds to the carrying amount of the asset, and the carrying amount of the asset is determined using the lower of cost or fair value approach.
Cash and Cash Equivalents and Restricted Cash
Cash and Cash Equivalents. The Bank’s cash, due from banks, money market mutual funds and federal funds sold, all of which have original maturities within 90 days, consist of cash and cash equivalents. The table below presents cash and cash equivalents based on non-interest-earning and interest-earning status.
At June 30,
(Dollars in thousands)20252024
Non-interest-earning cash and cash equivalents$152,337 $66,563 
Interest-earning cash and cash equivalents2,024,017 2,119,213 
Total cash and cash equivalents$2,176,354 $2,185,776 
Restricted Cash. Restricted cash includes qualified deposits in special reserve bank accounts for the exclusive benefit of Axos Clearing customers in accordance with Rule 15c3-3 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and other regulations. Restricted cash also includes certain other cash balances which are restricted as to the Company’s withdrawal or usage based upon the terms of the corresponding agreements.
Securities
Securities. The Company classifies securities at the time of purchase depending on intent. Debt securities are classified as held to maturity when the Company intends to hold the securities until maturity, or as available for sale if the securities are not held for resale in the near term. Available-for-sale securities are reported at fair value, with unrealized gains and losses, net of the related tax effects, reported as a separate component of “Other comprehensive income (loss)” on the Consolidated Statements of Comprehensive Income. Trading securities include assets held for resale in the near term, with changes in the fair value recognized in earnings.
Gains and losses on securities sales are based on a comparison of sales proceeds and the amortized cost of the security sold using the specific identification method. Purchases and sales are recognized on the trade date. Interest income includes coupon interest and amortization of purchase premiums or discounts. Premiums and discounts on securities are amortized or accreted using the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated.
For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For available-for-sale debt securities that do not meet the aforementioned criteria, the Company evaluates at the individual security level whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded which is limited by the difference between fair value and the amortized cost basis. The remaining change in fair value is recognized in “Other comprehensive income” on the Consolidated Statements of Comprehensive Income. Changes in the allowance for credit losses, if any, are recorded as a provision for (or reversal of) credit losses. Losses are charged against the allowance when management believes the available-for-sale security is confirmed as uncollectible or when either of the criteria regarding intent or requirement to sell is met.
Loans (including Direct Financing & Sales Type Leases)
Loans (including Direct Financing & Sales Type Leases). Loans that are held for investment are loans that the Company has the intent and ability to hold for the foreseeable future or until maturity are reported at the principal balance outstanding, net of unearned interest, deferred purchase premiums and discounts, deferred loan origination fees and costs, and an allowance for credit loss - loans. Interest income is accrued on the unpaid principal balance. Premiums and discounts on loans purchased as well as loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method.
Single Family - Mortgage & Warehouse. The Single Family - Mortgage & Warehouse portfolio segment primarily consists of two loan types: single family mortgage loans and single family warehouse lines of credit. The single family mortgage loans consist of loans secured by one-to-four family residences. The single family warehouse lines of credit enable
the mortgage originators to close loans in their own names and temporarily finance inventories of closed mortgage loans until they can be sold to an approved investor. The Company also originates home equity lines of credit and second mortgage loans.
Multifamily and Commercial Mortgage. The Multifamily and Commercial Mortgage portfolio segment consists of loans secured by multifamily real estate (more than four units) and commercial real estate. These loans are dependent on the cash flow capacity of the project and repayment of loans secured by properties frequently depends on their successful operation and management.
Commercial Real Estate. The Commercial Real Estate portfolio segment consists of loans secured by commercial real estate properties (“CRE”) under a variety of structures that it classifies as commercial real estate. A few examples are as follows: Commercial Bridge to Sale, Commercial Bridge to Construction, Commercial Bridge to Refinance and Acquisition, Development, Construction and Lender Finance. CRE Loans are originated to businesses secured by first liens on single family, multifamily, condominium, office, retail, mixed-use, hospitality, undeveloped or to-be-redeveloped land. Repayment of CRE loans depends on the successful completion of the real estate transition project and permanent take-out.
Commercial & Industrial - Non-Real Estate (Non-RE). The Commercial & Industrial - Non-Real Estate portfolio segment consists of lender finance loans, asset-based loans, leveraged cash flow loans, insurance premium finance, capital call facilities, equipment leases, and general commercial and industrial loans. These receivables are generally secured by commercial assets, including, but not limited to, receivables, inventory, equipment and uniform commercial code (“UCC”) all-asset filings.
For commercial and industrial non-real estate, asset backed loans and line of credit term loans, the Company typically enters into a structured facility, under which it takes a senior lien position collateralized by the underlying assets at advance rates well below the collateral value. Leveraged cash flow loans provide financial sponsors the ability to finance acquisitions, management buy-outs, recapitalizations, debt refinancing and dividends/distributions. Such lending relies on free cash flow as the primary repayment source, and enterprise value as the secondary repayment source.
Direct financing leases and sales-type leases are carried at the aggregate of lease payments receivable plus the estimated residual value of the leased property less unearned income, which is accreted to interest income over the lease terms using methods that approximate the interest method. Operating lease income is recognized on a straight-line basis and is included within the Loans, including fees, line item in the Consolidated Statements of Income. Leases generally do not contain non-lease components. Commercial and industrial leases are primarily made based on the operating cash flows of the borrower or conversion of working capital assets to cash and secondarily on the underlying collateral provided by the borrower.
Auto and Consumer. The Auto and Consumer portfolio segment includes automobile loans and unsecured consumer loans, including account overdraft loans:
Auto loans consist of prime and subprime loans to customers secured by new and used vehicles. The Company holds all of the auto loans originated and performs loan servicing functions for these loans. Auto loans carry a fixed interest rate and have terms that range from two to eight years. Certain auto loans are insured for credit losses through which the Company recognizes fee income in “Banking and service fees” in the Consolidated Statements of Income upon the receipt of insurance proceeds following the charge off of the loans. Any receivables related to these policies are included in “Other assets” on the Consolidated Balance Sheets.
Consumer unsecured loans generally consist of fixed rate unsecured loans to well-qualified, individual borrowers. Loan terms that range between three to six years.
Purchased Credit Deteriorated (“PCD”) Loans. Purchased loans that reflect a more-than-insignificant deterioration of credit since their origination are considered PCD. For PCD loans, the initial estimate of expected credit losses is recognized in the allowance for credit losses on the date of acquisition. The initial amortized cost of PCD loans is determined by reducing the loans’ par value by the acquisition date estimate of expected credit losses with any difference between the resulting amount and the loans’ purchase price recorded as a non-credit-related discount. Subsequent changes in the initial estimate of expected credit losses are recognized in the provision for credit losses in the Company’s Consolidated Statements of Income.
Loans Held for Sale
Loans Held for Sale. Agency loans originated and intended for sale in the secondary market are carried at fair value. Net unrealized gains and losses are recognized through mortgage banking income in the income statement. The Bank sells its mortgage loans with either servicing released or servicing retained depending upon market pricing. Gains and losses on loan sales are recorded as mortgage banking income, based on the difference between sales proceeds and carrying value. Non-agency loans held for sale are carried at the lower of cost or fair value. The Company has elected the fair value option for Agency loans held for sale. These loans are intended for sale and the Company believes that the fair value is the best indicator of the resolution of these loans. For loans for which the fair value option has been elected, the Company amortizes premiums and discounts over the life of the loan and any origination fees or costs are recognized as incurred.
Loans that were originated with the intent and ability to hold for the foreseeable future (loans held for investment), but which have been subsequently designated as being held for sale for risk management or liquidity needs are carried at the lower of cost or fair value calculated using pools of loans with similar characteristics. Upon transfer, the Company assesses the collectability of the outstanding principal balance and may charge-off a portion of the loan as discussed further below in “Allowance for Credit Losses.” Following this assessment, any previously established ACL on the held for investment loan is reversed and the loan is transferred at amortized cost. If, following transfer to held for sale, the fair value of the loan is below its amortized cost a valuation allowance is established for the difference.
There may be times when loans have been classified as held for sale and cannot be sold or the Company has the intent and ability to hold the loan for the foreseeable future or to maturity and the loans are transferred to held for investment. For loans transferred from the lower of cost or fair value held for sale classification, any valuation allowance is reversed upon transfer and the loan is transferred at amortized cost and is then assessed for any potential ACL.
Allowance for Credit Losses
Allowance for Credit Losses. The ACL is a valuation account that offsets the amortized cost basis of loans and net investment in leases. Under ASC 326, amortized cost is the basis on which the ACL is determined. Amortized cost is principal outstanding, net of any purchase premiums and discounts and net of any deferred loan fees and costs.
Loans are charged off against the ACL when the Company believes that collectability of at least some portion of outstanding principal is unlikely. Recoveries on loans previously charged off are recorded as an increase to the allowance for credit losses. The allowance for credit losses is maintained at a level needed to absorb expected credit losses over the contractual life, considering the effects of prepayments, of the loan portfolio as of the reporting date. Determining the adequacy of the allowance for credit losses is complex and requires judgment by the Company about the effect of matters that are inherently uncertain. As such, a future assessment of current conditions may require material adjustments to the allowance.
The Company’s process for determining expected lifetime credit losses entails a portfolio, model-based approach utilizing loan level detail and requires consideration of a broad range of relevant information relating to historical loss experience, current economic conditions and reasonable and supportable forecasts.
The Company stratifies the full loan population into segments sharing similar characteristics to perform the evaluation of the credit loss collectively. The Company defines a loan portfolio segment as the level at which the Company develops a systematic methodology to determine the allowance, which is generally based on similar risk attributes, including underlying collateral, as well as the Company’s methods for monitoring credit risk and other factors. The Company categorizes the loan portfolio into five segments: Single Family - Mortgage & Warehouse, Multifamily and Commercial Mortgage, Commercial Real Estate, including construction lending, Commercial & Industrial - Non-Real Estate and Auto & Consumer. For further information on these loan portfolio segments, see “Loans” herein.
The method for estimating expected lifetime credit losses includes, among other things, the following main components: (1) The use of a probability of default (“PD”)/loss given default (“LGD”) model; (2) defining a number of economic scenarios across the benign to adverse spectrum; (3) a reasonable forecast period of 24 months for all loan segments; and (4) a reversion period of 12 months using a linear transition to historical loss rates for each loan pool. After the reversion period, the historical loss rate is applied over the remaining contractual life of loan. Reasonable forecast periods and reversion periods are subject to periodic review and may be adjusted based on the Company’s view of current economic conditions. The results of the estimate are calculated for several scenarios across the benign to adverse spectrum for each of the Company’s loan portfolio segments. The weighting of scenarios is subject to periodic review and may be adjusted based on the Company’s view of current economic conditions.
Given the inherent limitations of a solely quantitative model, qualitative adjustments are included to arrive at the ending calculated loss amount in order to account for data points not captured from quantitative inputs alone.
Qualitative criteria the Company considers includes, among other things, the following:
•Regulatory and Legal - matters that may impact the timeliness and/or amounts of repayments;
•Concentration - portfolio composition and loan concentration;
•Collateral Dependency - changes in collateral values;
•Lending/Underwriting Standards - current lending policies and the effects of any new policies;
•Nature and Volume - loan production volume and mix;
•Macroeconomic Environment - considerations not reflected in the data utilized in the model; and
•Loan Trends - credit performance trends, including a borrower’s financial condition and credit rating.
Specifically, the Company reviews whether the model reflects the appropriate level of PD and LGD, given the macroeconomic forecasts used as compared to the Company’s loan portfolio. the Company determines the adequacy of the
allowance for credit losses based on reviews of individual loans, recent loss experience, current economic conditions, expectations about future economic conditions, the risk characteristics of the various categories of loans, including loan-to-value ratios, and other pertinent factors. If, based on the Company’s evaluation, macroeconomic factors do not capture the Company’s assumption regarding collateral values (LGD) and defaults (PD), the Company will apply additional qualitative overlays to the loan portfolio. This evaluation is inherently subjective and requires estimates that are susceptible to significant revision as more information becomes available.
In determining an allowance for credit losses for certain assets, such as margin loans and securities borrowed transactions, the Company considers the fair value of collateral where the borrower is required to, and reasonably expected to, continually adjust and replenish the amount of collateral securing the instrument. If the fair value of the collateral is less than the amortized cost basis of the instrument, an allowance for credit losses is established for the unsecured amount and is limited to the difference between the fair value of the collateral and the amortized cost basis of the instrument.
Accrued Interest. Accrued interest receivable is excluded from amortized cost and is presented separately in “Other Assets” on the Consolidated Balance Sheets. Additionally, the Company does not estimate an allowance for credit losses on accrued interest receivable as the Company has a policy to charge off accrued interest deemed uncollectible in a timely manner. When a loan is placed on nonaccrual status, which generally occurs when a borrower becomes delinquent by 90 days, interest previously accrued but not collected is reversed against current period interest income. Interest received on such loans is accounted for on the cash-basis or cost recovery method, until qualifying for return to accrual status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.
Individually Assessed Loans. Credit losses are estimated on a collective basis, unless an individual loan’s credit risk characteristics make it unique compared to the overall group, in which case the loan would be individually assessed.
Loan Commitments. Loans commitments not unconditionally cancellable are subject to an estimate of credit loss under a current expected credit loss model. The Company’s process for determining the estimate of credit loss on loan commitments is the same as it is on loans. Refer to detail of Allowance on Credit Losses above. Allowance on Credit Losses of off-balance sheet commitments is presented separately in “Accounts payable and other liabilities” on the Consolidated Balance Sheets.
Leases - Lessee Arrangements
Leases - Lessee Arrangements. The Company leases office space under operating lease agreements scheduled to expire at various dates. At lease commencement, lease liabilities are recognized based on the present value of the remaining lease payments and discounted using the Company’s incremental borrowing rate, which is a blended rate comprised of the FHLB term rate and the Company’s subordinated debt rate. Right-of-use assets initially equal the lease liability, adjusted for any lease payments made prior to lease commencement and for any lease incentives. Right-of-use assets are reported in “Other assets” on the Consolidated Balance Sheets, and the related lease liabilities are reported in “Accounts payable, accrued liabilities and other liabilities.” All leases are recorded on the Consolidated Balance Sheets. Lease expense is recognized on a straight-line basis over the lease term and is recorded in “Occupancy and equipment” expense in the Consolidated Statements of Income.
Servicing Rights
Servicing Rights. Servicing rights assets are recognized when such rights are retained upon sale of loans, or are purchased, and are reported at fair value on the Consolidated Balance Sheets. The changes in fair value are reported in earnings in the period in which the changes occur and the adjustments are included in “Mortgage banking and servicing rights income,” a component of non-interest income in the Consolidated Statements of Income.
Derivatives
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 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 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” and Note 6— “Derivatives.” Changes in the fair values of these derivatives, and related fees, are included in “Banking and service fees” on the 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 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.
The Company also enters into foreign exchange derivatives in order to economically hedge its foreign exchange exposure to certain loans denominated in non-U.S. dollar currencies. Changes in the fair values of these derivatives, and related fees, are included in “Banking and service fees” on the Consolidated Statements of Income. The aggregate foreign exchange transaction gain/loss for the fiscal years ended June 30, 2025, 2024 and 2023 was not significant.
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 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 Consolidated Statements of Cash Flows.
In connection with its derivative transactions, the Company may receive or pledge cash collateral with its counterparties or central clearinghouses to satisfy initial, maintenance and/or variation margin requirements. Any required margin posted by the Company, other than variation margin on centrally-cleared derivatives, is included in “Restricted cash” in the Consolidated Balance Sheets. Variation margin on centrally-cleared derivatives is considered settlement of the derivative transaction, and as such, is presented net against the centrally-cleared derivative asset or liability within “Other assets” or “Accounts payable and other liabilities,” respectively, in the Consolidated Balance Sheets.
Furniture, Equipment and Software Furniture, Equipment and Software. Fixed assets are stated at cost less accumulated depreciation and amortization computed primarily using the straight-line method over the estimated useful lives of the assets, which range from three to seven years and recorded within “Depreciation and amortization”, a component of non-interest expense on the Consolidated Statements of Income. Leasehold improvements are amortized over the lesser of the assets’ useful lives or the lease term.
Income Taxes Income Taxes. Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred income tax assets and liabilities are determined using the asset and liability method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various assets and liabilities on the Consolidated Balance Sheets and gives current recognition to changes in tax rates and laws. The Company records a valuation allowance when the Company believes it is more likely than not that deferred tax assets will not be realized. An income tax position will be recognized as a benefit only if it is more likely than not that it will be sustained upon examination by the Internal Revenue Service, based upon its technical merits. Once that status is met, the amount recorded will be the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company recognizes interest and/or penalties related to income tax matters in income tax expense.
Securities Borrowed and Securities Loaned
Securities Borrowed and Securities Loaned. Securities borrowed and securities loaned transactions are reported as collateralized financings and recorded at the amount of cash collateral advanced or received. Securities borrowed transactions require the Company to deposit cash with the lender. With respect to securities loaned, the Company receives collateral in the form of cash in an amount in excess of the fair value of securities loaned. The Company monitors the fair value of securities borrowed and loaned on a daily basis, with additional collateral obtained or refunded, as necessary.
Customer, Broker-Dealer and Clearing Receivables and Payables
Customer, Broker-Dealer and Clearing Receivables and Payables. Customer, broker-dealer and clearing receivables represent amounts due on cash and margin transactions and are generally collateralized by securities owned by clients. These receivables primarily consist of floating-rate loans collateralized by customer-owned securities. The receivables are reported at their outstanding principal balance net of allowance for credit losses. When a receivable is considered to be impaired, an impairment charge is recorded based on the current estimate of expected credit losses for the receivable, which is measured based on current prices from independent sources, such as listed market prices or broker-dealer price quotations. Securities owned by customers, including those that collateralize margin or other similar transactions, are not reflected on the
Consolidated Balance Sheets. Also included in these accounts are receivables and payables from brokers and dealers and clearing organizations as well as securities failed to deliver and receive.
Business Combinations Business Combinations. Mergers and acquisitions are accounted for using the acquisition method of accounting. Assets and liabilities acquired and assumed are recorded at their fair values as of the date of the transaction. The excess of purchase price over the fair value of assets acquired and liabilities assumed is recorded as goodwill. Significant estimates and judgments are involved in the fair valuation and purchase price allocation process.
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets. Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Other intangible assets represent purchased assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights. Intangible assets that have finite lives, such as core deposit intangibles, are amortized over their estimated useful lives and subject to periodic impairment testing. Intangible assets (other than goodwill) are amortized to “Depreciation and amortization” a component of non-interest expense on the Consolidated Statements of Income, using accelerated or straight-line methods over their respective estimated useful lives.
Goodwill is subject to impairment testing at the reporting unit level, which is conducted at least annually. The Company performs impairment testing during the third quarter of each year or when events or changes in circumstances indicate the assets might be impaired.
The Company performs a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing updated qualitative factors, the Company determines it is more likely than not that the fair value of a reporting unit is less than its carrying amount, it performs a quantitative goodwill impairment test. Determining the fair value of a reporting unit is judgmental and often involves the use of significant estimates and assumptions. Similarly, estimates and assumptions are used in determining the fair value of other intangible assets. Estimates of fair value are primarily determined using discounted cash flows, market comparisons and recent transactions. These approaches use significant estimates and assumptions including projected future cash flows, discount rates reflecting the market rate of return, projected growth rates and determination and evaluation of appropriate market comparable.
Earnings per Common Share
Earnings per Common Share. Earnings per common share (“EPS”) are presented under two formats: basic EPS and diluted EPS. Basic EPS is computed by dividing the net income by the weighted-average number of common shares outstanding during the period. Diluted EPS is computed using the treasury stock method by dividing net income by the weighted-average number of common shares outstanding during the period, including the additional dilutive potential common shares, such as restricted stock units (“RSUs”).
Stock-Based Compensation
Stock-Based Compensation. Compensation cost is recognized for RSU awards issued to employees, based on the market price of the Company’s common stock on the grant date. The Company has certain share awards that include market conditions that affect vesting. The fair value of these awards is estimated using a Monte Carlo simulation. For awards with only a service condition that have a graded vesting schedule, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. For awards that contain a market condition and have a graded vesting schedule compensation cost is recognized using an accelerated attribution method over the requisite service period for the awards. The Company recognizes forfeitures as they occur.
Stock of Regulatory Agencies
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.
Low Income Housing Tax Credits (“LIHTC”) Low Income Housing Tax Credits (“LIHTC”). The Company invests as a limited partner in LIHTC partnerships that operate qualified affordable housing projects which generate tax benefits for investors through the realization of tax credits and deductions, which may be subject to recapture by taxing authorities if compliance requirements are not met. The Company amortizes the investment in proportion to the allocated tax benefits using the proportional amortization method of accounting and record such benefits net of investment amortization in income taxes in the Consolidated Statements of Income. The investment is included within “Other assets” in the Consolidated Balance Sheets.
Cash Surrender Value of Life Insurance
Cash Surrender Value of Life Insurance. The Bank has purchased life insurance policies on certain key executives. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date,
which is the cash surrender value adjusted for other amounts due that are probable at settlement. Cash surrender value of life insurance is included in “Other assets” in the Consolidated Balance Sheets. Changes to the cash surrender value are recorded within “Banking and service fees” in the Consolidated Statements of Income.
Comprehensive Income
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.
Loss Contingencies
Loss Contingencies. The Company records an accrual for a loss contingency when the estimated loss is both probable and reasonably estimated.
Variable Interest Entities (“VIEs”)
Variable Interest Entities (“VIEs”). The Company determines whether it is the primary beneficiary of a VIE upon its initial involvement with the entity and reassesses whether it remains the primary beneficiary on an ongoing basis. This determination includes an assessment of the design of the VIE, the power to make significant economic decisions and the variable interests held by the Company relative to other parties. 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 debt securities issued by the trusts. For these VIEs, the loans transferred to the VIEs are pledged as collateral to the related debt securities. At June 30, 2025 and 2024, certain loans that can only be used to settle debt securities of these VIEs were $1,432.7 million and $1,191.7 million, respectively. For further information on the loans reflected in the Consolidated Balance Sheets resulting from the consolidation of the three lending-related entities, see Note 5— “Loans & Allowance for Credit Losses.”
The Company also invests in low-income housing tax credit investments, certain mortgage-backed securities and partnership interests which are determined to be VIEs. However, given that the Company does not have the power to direct the activities of the VIEs that most significantly impact their economic performance, the Company does not consolidate these VIEs. The carrying amount of these non-consolidated VIEs represents the Company's maximum exposure to loss. For additional information on the Company's LIHTC investments, see Note 9—"Other Assets" and for additional information on the Company's mortgage-backed securities, see Note 4—"Available-For-Sale Securities."
New Accounting Standards
New Accounting Standards
Recently Adopted Accounting Standards
During the fiscal year ended June 30, 2025, the Company adopted Accounting Standards Update (“ASU”) 2023-07, which expanded business segment disclosure requirements, including requiring additional disclosures about significant business segment expenses. The ASU also added requirements to define the position and title of the Chief Operating Decision Maker (“CODM”), and how the CODM uses the reported measure(s) of business segment profit or loss in assessing segment performance and resource allocation. The Company applied this ASU retrospectively to periods presented in the Consolidated Financial Statements. There was no impact on the Company’s financial condition or results of operation upon adoption. See Note 22—“Segment Reporting” for the Company’s business segment disclosures.
Accounting Standards Issued But Not Yet Adopted
In December 2023, the FASB issued ASU 2023-09, which requires further granularity on the disclosure of income taxes, including:
•Certain prescribed line items in the income tax rate reconciliation presented both in dollar and percentage terms;
•Income taxes paid, income before income taxes and income taxes disaggregated by federal, state and foreign taxes; and
•Further disaggregation of income taxes paid by any individual jurisdiction equal to or exceeding five percent of total income taxes paid.
This standard is effective for fiscal years beginning after December 15, 2024. The Company does not expect any significant impact on its financial condition or results of operations upon adoption.
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.
Fair Value Measurement
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. ASC Topic 820 describes three levels of inputs that may be used to measure fair value:
Level 1: 
Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date.
Level 2: 
Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability.
Level 3: 
Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the asset or liability. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models such as discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.
Classification in the hierarchy is based upon the lowest level of input that is significant to the fair value measurement of the asset or liability.
Fair Value of Financial Instruments
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:
Securities—trading and available-for-sale. Trading and available-for-sale securities are recorded at fair value. Available-for-sale securities consist of mortgage-backed securities (“MBS”) issued by U.S. government-backed, including Ginnie Mae, or government-sponsored enterprises including Fannie Mae and Freddie Mac (“agency”), MBS issued by non-agencies and municipal securities. Fair value for agency securities and municipal securities are generally based on quoted
market prices of similar securities used to form a dealer quote or a pricing matrix. These securities are classified in Level 2. There continues to be significant illiquidity in the market for certain MBS issued by non-agencies, including those held by the Company, which impacts the availability and reliability of transparent pricing. As orderly quoted market prices are not available, the Level 3 fair values for these securities are determined by the Company utilizing industry-standard tools to calculate the net present value of the expected cash flows available to the securities from the underlying mortgage assets.
To determine the performance of the underlying mortgage loan pools, the Company estimates prepayments, defaults, and loss severities based on a number of macroeconomic factors, including housing price changes, unemployment rates, interest rates and borrower attributes such as credit score and loan documentation at the time of origination. The Company inputs for each security a projection of monthly default rates, loss severity rates and voluntary prepayment rates for the underlying mortgages for the remaining life of the security to determine the expected cash flows. The projections of default rates are derived by the Company from the historic default rate observed in the pool of loans collateralizing the security, increased by and decreased by the forecasted increase or decrease in the national unemployment rate. The projections of loss severity rates are derived by the Company from the historic loss severity rate observed in the pool of loans, increased by or decreased by the forecasted increase or decrease in the national home price index (“HPI”). The largest factors influencing the Company’s modeling of the monthly default rate are unemployment and the HPI, as a strong correlation exists. The most updated unemployment rate reported in June 2025 was 4.1%.
To determine the discount rates used to compute the present value of the expected cash flows for these non-agency MBS securities, the Company separates the securities by the borrower characteristics in the underlying pool. Specifically, “prime” securities generally have borrowers with higher FICO scores and better documentation of income. “Alt-A” securities generally have borrowers with a lower FICO and less documentation of income. “Pay-option ARMs” are Alt-A securities with borrowers that tend to pay the least amount of principal (or increase their loan balance through negative amortization). The Company calculates separate discount rates for prime, Alt-A and Pay-option ARM non-agency MBS securities using market-participant assumptions for risk, capital and return on equity. The default rates and the severities are projected for every non-agency MBS security held by the Company and will vary monthly based upon the actual performance of the security and the macroeconomic factors discussed above. Based upon the actual performance of the underlying collateral, the securities’ credit enhancement will be impacted. The Company applies its discount rates to the projected monthly cash flows, which already reflect the full impact of all forecasted losses using the assumptions described above.
The Company’s estimate of fair value for non-agency securities using Level 3 pricing is highly subjective and is based on the Company’s estimate of voluntary prepayments, default rates, severities and discount margins, which are forecasted monthly over the remaining life of each security. Changes in one or more of these assumptions can cause a significant change in the estimated fair value. For further details see the table later in this note that summarizes quantitative information about level 3 fair value measurements.
Loans Held for Sale. The fair value of loans held for sale is determined by pricing for comparable assets or by existing forward sales commitment prices with investors. Loans held for sale are classified as Level 2.
Servicing Rights. Fair value is derived from market-driven valuation changes as well as modeled amortization involving the run-off of value that occurs due to the passage of time as individual loans are paid by borrowers. Market expectations about loan duration, and correspondingly the expected term of future servicing cash flows, may vary from time to time due to changes in expected prepayment activity, especially when interest rates rise or fall. Fair value is also dependent on the discount rate used in calculating present value, which is derived from observable market activity, market participants, and results in Level 3 classification. Management reviews and adjusts the discount rate and prepayment assumptions on an ongoing basis.
Derivatives. The fair value of interest rate locks is estimated based on changes in to be announced (“TBA”) values which are based upon mortgage interest rates from the date the interest on the loan is locked, adjusted for items such as estimated fallout and costs to originate the loan. These are classified under level 2.
The fair value of forward sale commitments is based upon prices in active secondary markets for identical securities or based on quoted market prices of similar assets used to form a dealer quote or a pricing matrix. If no such quoted price exists, the fair value of a commitment is determined by quoted prices for a similar commitment or commitments, adjusted for the specific attributes of each commitment. These are classified under level 2.
The fair value of interest rate swaps and caps entered into to facilitate customer transaction activity is based upon observable market forward rate curves. These are classified under Level 2.
The fair value of foreign exchange swaps and spot contracts is based primarily upon current spot exchange rates and forward exchange rates (derived from spot rates and interest rate differentials between the currency pairs). These are classified as Level 2.
Credit Quality Indicators
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.
v3.25.2
ORGANIZATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Schedule of Non-interest Income, Segregated by Revenue Streams
The following presents non-interest income, segregated by revenue streams in-scope and out-of-scope of ASC 606 for the periods indicated:
 
Fiscal Year Ended June 30,
(Dollars in thousands)202520242023
Advisory fee income$31,794 $31,335 $28,324 
Broker-dealer clearing fees22,233 20,643 21,903 
Deposit service fees5,430 4,257 4,517 
Card fees2,867 2,516 4,410 
Technology and service fees
3,465 5,890 6,107 
    Non-interest income (in-scope ASC 606)65,789 64,641 65,261 
    Non-interest income (out-of-scope ASC 606)65,277 158,019 55,227 
    Total non-interest income$131,066 $222,660 $120,488 
Schedule of Cash and Cash Equivalents The table below presents cash and cash equivalents based on non-interest-earning and interest-earning status.
At June 30,
(Dollars in thousands)20252024
Non-interest-earning cash and cash equivalents$152,337 $66,563 
Interest-earning cash and cash equivalents2,024,017 2,119,213 
Total cash and cash equivalents$2,176,354 $2,185,776 
v3.25.2
ACQUISITIONS (Tables)
 12 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Asset Acquisition
The following table summarizes the PCD loans acquired in the FDIC Loan Purchase:
(Dollars in thousands)Total
Unpaid principal balance$341,301 
Non-credit discount(100,686)
Allowance for credit losses at acquisition(70,097)
Purchase price$170,518 
v3.25.2
FAIR VALUE (Tables)
 12 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis
The following table sets forth the Company’s financial assets and liabilities measured at fair value on a recurring basis. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:
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 MBS1
46,757 — 46,757 
Non-Agency MBS2
— 15,569 15,569 
Municipal3,682 — 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 instruments3
$17,734 $— $17,734 
LIABILITIES:
Accounts payable and other liabilities—Derivative instruments$68,498 $— $68,498 
June 30, 2024
(Dollars in thousands)Significant Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
ASSETS:
Trading securities$353 $— $353 
Available-for-sale securities:
Agency MBS1
27,259 — 27,259 
Non-Agency MBS2
— 110,928 110,928 
Municipal3,424 — 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 instruments3
$106,796 $— $106,796 
LIABILITIES:
Accounts payable and other liabilities—Derivative instruments$102,949 $— $102,949 
1 Includes securities guaranteed by Ginnie Mae, a U.S. government agency, and the government sponsored enterprises Fannie Mae and Freddie Mac.
2 Private sponsors of securities collateralized primarily by first-lien mortgage loans on commercial properties or by pools of 1-4 family residential first mortgages. Primarily super senior securities secured by Alt-A or pay-option adjustable rate mortgages (“ARMs”).
3 Gross derivatives assets as of June 30, 2025 are presented net of $55.4 million of variation margin on centrally-cleared derivatives. As of June 30, 2024, gross derivative assets are presented gross of $85.2 million of variation margin on centrally-cleared derivatives as a result of an $87.9 million receivable from the FDIC related to the novation of certain interest rate swaps.
Schedule of 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
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:
Fiscal Year Ended June 30, 2025
(Dollars in thousands)Available-for-Sale Securities:
Non-Agency MBS
Servicing Rights1
Total
Opening Balance$110,928 $28,924 $139,852 
Transfers into Level 3— — — 
Transfers out of Level 3— — — 
Total gains or losses for the period:
Included in earnings—Mortgage banking and servicing rights income— (2,706)(2,706)
Included in other comprehensive income905 — 905 
Purchases, retentions, issues, sales and settlements:
Purchases/Retentions— 1,000 1,000 
Issues— — — 
Sales— — — 
Settlements(96,264)— (96,264)
Closing balance$15,569 $27,218 $42,787 
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period$— $(2,706)$(2,706)
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 $1.4 million for the fiscal year ended June 30, 2025 and a decrease in servicing rights value resulting from market-driven changes in interest rates of $1.3 million for the fiscal year ended June 30, 2025. Additions to servicing rights were related to purchases and servicing rights retained upon sale of loans held for sale.
Fiscal Year Ended June 30, 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— 739 739 
Included in other comprehensive income5,535 — 5,535 
Purchases, retentions, issues, sales and settlements:
Purchases/Retentions— 2,742 2,742 
Settlements(99,612)— (99,612)
Closing balance$110,928 $28,924 $139,852 
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period$— $739 $739 
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 $1.2 million for the fiscal year ended June 30, 2024 and an increase in servicing rights value resulting from market-driven changes in interest rates of $1.9 million for the fiscal year ended June 30, 2024. Additions to servicing rights were retained upon sale of loans held for sale.
Schedule of Quantitative Information About Level 3 Fair Value Measurements
The table below summarizes the quantitative information about Level 3 fair value measurements:
June 30, 2025
(Dollars in thousands)Fair ValueValuation TechniqueUnobservable Input
Range (Weighted Average)1
Securities – Non-agency MBS$15,569 Discounted Cash Flow
Projected Constant Prepayment Rate,
Projected Constant Default Rate,
Projected Loss Severity,
Discount Rate over SOFR Swaps,
Credit Enhancement
2.5 to 30.0% (22.4%)
1.5 to 11.9% (8.7%)
35.0 to 68.9% (43.4%)
2.5 to 4.1% (2.7%)
0.0 to 99.0% (39.2%)
Servicing Rights
$27,218 Discounted Cash FlowProjected Constant Prepayment Rate,
Life (in years),
Discount Rate
5.2 to 26.6% (9.7%)
2.5 to 12.8 (9.3)
9.5 to 11.2% (9.8%)
June 30, 2024
(Dollars in thousands)Fair ValueValuation TechniqueUnobservable Input
Range (Weighted Average)1
Securities – Non-agency MBS$110,928 Discounted Cash Flow
Projected Constant Prepayment Rate,
Projected Constant Default Rate,
Projected Loss Severity,
Discount Rate over LIBOR,
Credit Enhancement
0.0 to 72.1% (38.0%)
0.0 to 13.7% (2.8%)
0.0 to 68.9% (32.9%)
2.5 to 4.9% (2.5%)
0.0 to 64.9% (22.8%)
Servicing Rights
$28,924 Discounted Cash FlowProjected Constant Prepayment Rate,
Life (in years),
Discount Rate
5.5 to 95.2% (11.8%)
0.4 to 14.9 (7.9)
9.5 to 11.2% (9.8%)
1 The weighted average for 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.
Schedule of Aggregate Fair Value, Contractual Balance, and Unrealized Gain of Loans Held For Sale
The aggregate fair value of loans held for sale, carried at fair value, contractual balance (including accrued interest) and unrealized gain were:
At June 30,
(Dollars in thousands)20252024
Aggregate fair value$10,012 $16,482 
Contractual balance9,870 15,966 
Unrealized gain $142 $516 
The total interest income and amount of gains and losses from changes in fair value included in earnings for loans held for sale were:
For the Fiscal Year Ended June 30,
(Dollars in thousands)202520242023
Interest income$999 $769 $415 
Change in fair value(366)122 57 
Total$633 $891 $472 
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments at Period-End
The carrying amount and estimated fair values of financial instruments were as follows:
June 30, 2025
Fair Value
(Dollars in thousands)Carrying
Amount		Level 1Level 2Level 3Total Fair Value
Financial assets:
Cash, cash equivalents and restricted cash
$2,176,354 $2,176,354 $— $— $2,176,354 
Trading securities
649 — 649 — 649 
Available-for-sale securities
66,008 — 50,439 15,569 66,008 
Stock of regulatory agencies35,163 — 35,163 — 35,163 
Loans held for sale, at fair value10,012 — 10,012 — 10,012 
Loans held for investment—net21,049,610 — — 21,288,921 21,288,921 
Securities borrowed139,396 — — 138,103 138,103 
Customer, broker-dealer and clearing receivables252,720 — — 251,126 251,126 
Servicing rights
27,218 — — 27,218 27,218 
Other assets - derivative instruments1
17,734 — 17,734 — 17,734 
Financial liabilities:
Total deposits20,829,543 — 20,642,953 — 20,642,953 
Advances from the Federal Home Loan Bank60,000 — 56,934 — 56,934 
Borrowings, subordinated notes and debentures312,671 — 285,282 — 285,282 
Securities loaned139,426 — — 138,698 138,698 
Customer, broker-dealer and clearing payables350,606 — — 350,606 350,606 
Accounts payable and other liabilities - derivative instruments68,498 — 68,498 — 68,498 
June 30, 2024
Fair Value
(Dollars in thousands)Carrying
Amount		Level 1Level 2Level 3Total Fair Value
Financial assets:
Cash, cash equivalents and restricted cash
$2,185,776 $2,185,776 $— $— $2,185,776 
Trading securities
353 — 353 — 353 
Available-for-sale securities
141,611 — 30,683 110,928 141,611 
Stock of regulatory agencies
21,957 — 21,957 — 21,957 
Loans held for sale, at fair value16,482 — 16,482 — 16,482 
Loans held for sale, at lower of cost or fair value— — — — — 
Loans held for investment—net19,231,385 — — 19,209,442 19,209,442 
Securities borrowed67,212 — — 71,480 71,480 
Customer, broker-dealer and clearing receivables240,028 — — 249,317 249,317 
Servicing rights
28,924 — — 28,924 28,924 
Other assets - derivative instruments1
106,796 — 106,796 — 106,796 
Financial liabilities:
Total deposits19,359,217 — 19,217,281 — 19,217,281 
Advances from the Federal Home Loan Bank90,000 — 84,201 — 84,201 
Borrowings, subordinated notes and debentures325,679 — 302,487 — 302,487 
Securities loaned74,177 — — 74,021 74,021 
Customer, broker-dealer and clearing payables301,127 — — 301,127 301,127 
Accounts payable and other liabilities - derivative instruments102,949 — 102,949 — 102,949 
1 Derivatives assets as of June 30, 2025 are presented net of $55.4 million of variation margin on centrally-cleared derivatives. As of June 30, 2024, gross derivative assets are presented gross of $85.2 million of variation margin on centrally-cleared derivatives as a result of an $87.9 million receivable from the FDIC related to the novation of certain interest rate swaps.
v3.25.2
AVAILABLE-FOR-SALE SECURITIES (Tables)
 12 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost, Carrying Amount and Fair Value of Available-for-sale Securities
The amortized cost and fair value of available-for-sale securities were:
June 30, 2025
(Dollars in thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
Mortgage-backed securities (MBS):
Agency1
$48,229 $327 $(1,799)$46,757 
Non-agency2
14,395 1,232 (58)15,569 
Total mortgage-backed securities62,624 1,559 (1,857)62,326 
Municipal3,682 — — 3,682 
Total available-for-sale securities
$66,306 $1,559 $(1,857)$66,008 
June 30, 2024
(Dollars in thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
Mortgage-backed securities (MBS):
Agency1
$29,835 $83 $(2,659)$27,259 
Non-agency2
110,658 838 (568)110,928 
Total mortgage-backed securities140,493 921 (3,227)138,187 
Municipal3,788 — (364)3,424 
Total available-for-sale securities
$144,281 $921 $(3,591)$141,611 
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 ARM mortgages.
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 June 30, 2025
(Dollars in thousands)Total AmountDue Within One YearDue after One but within Five YearsDue after Five but within Ten YearsDue After Ten Years
MBS:
Agency
$48,229 $11,537 $29,753 $5,158 $1,781 
Non-Agency
14,395 10,975 1,442 1,203 775 
Total MBS$62,624 $22,512 $31,195 $6,361 $2,556 
Municipal3,682 — — — 3,682 
Available-for-sale—Amortized cost
$66,306 $22,512 $31,195 $6,361 $6,238 
Available-for-sale—Fair value$66,008 $22,375 $30,806 $6,416 $6,411 
Schedule of Securities in a Continuous Unrealized Loss Position
Securities with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were:
June 30, 2025
Available-for-sale securities in loss position for
Less Than
12 Months		More Than
12 Months		Total
(Dollars in thousands)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
MBS:
Agency
$108 $— $16,212 $(1,799)$16,320 $(1,799)
Non-agency2,138 (43)10,695 (15)12,833 (58)
Total MBS2,246 (43)26,907 (1,814)29,153 (1,857)
Municipal— — — — — — 
Total available-for-sale securities
$2,246 $(43)$26,907 $(1,814)$29,153 $(1,857)
June 30, 2024
Available-for-sale securities in loss position for
Less Than
12 Months		More Than
12 Months		Total
(Dollars in thousands)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
MBS:
Agency
$2,644 $(31)$19,298 $(2,628)$21,942 $(2,659)
Non-agency15 — 78,364 (568)78,379 (568)
Total MBS2,659 (31)97,662 (3,196)100,321 (3,227)
Municipal— — 3,424 (364)3,424 (364)
Total available-for-sale securities
$2,659 $(31)$101,086 $(3,560)$103,745 $(3,591)
v3.25.2
LOANS & ALLOWANCE FOR CREDIT LOSSES (Tables)
 12 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Schedule of Composition of the Loan Portfolio
The following table sets forth the composition of the loan portfolio:
(Dollars in thousands)
June 30, 2025
June 30, 2024
Single Family - Mortgage & Warehouse$4,395,278 $4,178,832 
Multifamily and Commercial Mortgage
2,940,739 3,861,931 
Commercial Real Estate
6,937,187 6,088,622 
Commercial & Industrial - Non-RE6,795,497 5,241,766 
Auto & Consumer482,996 431,660 
Total gross loans21,551,697 19,802,811 
Allowance for credit losses - loans(290,049)(260,542)
Unaccreted premiums (discounts) and loan fees(212,038)(310,884)
Total net loans$21,049,610 $19,231,385 
Schedule of Allowance for Credit Losses on Financing Receivables
The following table presents the components of the provision for credit losses:
For the Fiscal Year Ended June 30,
(Dollars in thousands)202520242023
Provision for credit losses - loans$55,077 $32,750 $24,750 
Provision for credit losses - unfunded lending commitments668 (250)(500)
    Total provision for credit losses$55,745 $32,500 $24,250 
The following tables summarize activity in the allowance for credit losses - loans by portfolio segment:
June 30, 2025
(Dollars in thousands)Single Family-Mortgage & WarehouseMultifamily and Commercial MortgageCommercial Real EstateCommercial & Industrial - Non-REAuto & ConsumerTotal
Balance at July 1, 2024
$16,943 $70,771 $87,780 $76,032 $9,016 $260,542 
Provision (benefit) for credit losses - loans(1,858)(36,655)25,934 54,432 13,224 55,077 
Charge-offs(3,036)(8,565)(165)(8,825)(9,715)(30,306)
Recoveries62 689 255 — 3,730 4,736 
Balance at June 30, 2025
$12,111 $26,240 $113,804 $121,639 $16,255 $290,049 
June 30, 2024
(Dollars in thousands)Single Family-Mortgage & WarehouseMultifamily and Commercial MortgageCommercial Real EstateCommercial & Industrial - Non-REAuto & ConsumerTotal
Balance at July 1, 2023
$17,503 $16,848 $72,755 $46,347 $13,227 $166,680 
Allowance for credit losses at acquisition of PCD loans— 58,997 11,125 — — 70,122 
Provision (benefit) for credit losses - loans(489)(4,434)3,900 29,769 4,004 32,750 
Charge-offs(172)(640)— (84)(11,013)(11,909)
Recoveries101 — — — 2,798 2,899 
Balance at June 30, 2024
$16,943 $70,771 $87,780 $76,032 $9,016 $260,542 
June 30, 2023
(Dollars in thousands)Single Family-Mortgage & WarehouseMultifamily and Commercial MortgageCommercial Real EstateCommercial & Industrial - Non-REAuto & ConsumerTotal
Balance at July 1, 2021$19,670 $14,655 $69,339 $30,808 $14,145 $148,617 
Provision (benefit) for credit losses - loans(2,302)2,193 3,416 15,521 5,922 24,750 
Charge-offs(314)— — — (9,142)(9,456)
Recoveries449 — — 18 2,302 2,769 
Balance at June 30, 2023
$17,503 $16,848 $72,755 $46,347 $13,227 $166,680 
The following tables present a summary of the activity in the unfunded loan commitment liabilities for the periods indicated:
For the Fiscal Year Ended June 30,
(Dollars in thousands)202520242023
BALANCE—beginning of year$10,223 $10,473 $10,973 
Provision (Benefit)668 (250)(500)
BALANCE—end of year$10,891 $10,223 $10,473 
Schedule of Real Estate Loans, LTV Ratio
The following table presents LTVs for the Company’s real estate loans outstanding as of June 30, 2025:
Total Real Estate LoansSingle Family - Mortgage & WarehouseMultifamily and Commercial MortgageCommercial Real Estate
Weighted-Average LTV46.2 %56.7 %49.4 %45.4 %
Median LTV51.0 %53.5 %47.9 %45.7 %
Schedule of Outstanding Principal Balance on Loans Performing and Nonaccrual The following tables provide the composition of loans that are performing and nonaccrual by portfolio segment:
June 30, 2025
(Dollars in thousands)Single Family-Mortgage & WarehouseMultifamily and Commercial MortgageCommercial Real EstateCommercial & Industrial - Non-REAuto & ConsumerTotal
Performing$4,351,082 $2,907,702 $6,907,964 $6,733,693 $480,870 $21,381,311 
Nonaccrual44,196 33,037 29,223 61,804 2,126 170,386 
Total$4,395,278 $2,940,739 $6,937,187 $6,795,497 $482,996 $21,551,697 
Nonaccrual loans to total loans0.79 %
June 30, 2024
(Dollars in thousands)Single Family-Mortgage & WarehouseMultifamily and Commercial MortgageCommercial Real EstateCommercial & Industrial - Non-REAuto & ConsumerTotal
Performing$4,133,121 $3,826,877 $6,062,520 $5,237,746 $429,188 $19,689,452 
Nonaccrual45,711 35,054 26,102 4,020 $2,472 113,359 
Total$4,178,832 $3,861,931 $6,088,622 $5,241,766 $431,660 $19,802,811 
Nonaccrual loans to total loans0.57 %
Schedule of Composition of Loan and Lease Portfolio by Credit Quality Indicators
The following tables present the composition of loans by portfolio segment, fiscal year of origination and credit quality indicator, and the amount of gross charge-offs:
June 30, 2025
Loans Held for Investment by Fiscal Year of Origination
Revolving Loans Total
(Dollars in thousands)20252024202320222021Prior
Single Family-Mortgage & Warehouse
Pass$750,357 $269,165 $451,330 $1,067,144 $434,352 $715,620 $599,406 $4,287,374 
Special Mention2,129 1,080 5,362 3,140 5,254 26,604 9,967 53,536 
Substandard— — — 7,255 6,720 40,393 — 54,368 
Doubtful— — — — — — — — 
Total752,486 270,245 456,692 1,077,539 446,326 782,617 609,373 4,395,278 
Gross charge-offs— 340 — 400 — 2,296 — 3,036 
Multifamily and Commercial Mortgage
Pass75,755 22,435 632,120 859,189 422,683 842,787 1,450 2,856,419 
Special Mention— — 3,400 — 7,255 18,272 — 28,927 
Substandard— — 8,530 13,199 — 33,664 — 55,393 
Doubtful— — — — — — — — 
Total75,755 22,435 644,050 872,388 429,938 894,723 1,450 2,940,739 
Gross charge-offs
— 375 86 5 — 8,099 — 8,565 
Commercial Real Estate
Pass3,135,530 1,342,372 679,875 575,642 152,581 47,214 960,145 6,893,359 
Special Mention— — — — — — — 
Substandard— — — 9,500 5,000 14,723 14,605 43,828 
Doubtful— — — — — — — — 
Total3,135,530 1,342,372 679,875 585,142 157,581 61,937 974,750 6,937,187 
Gross charge-offs— — — 165 — — — 165 
Commercial & Industrial - Non-RE
Pass1,231,118 809,347 310,043 120,385 38,397 28,311 3,928,415 6,466,016 
Special Mention— 45,120 — — 93 — 10,023 55,236 
Substandard3,747 10,719 9,244 135,778 2,486 2,989 99,282 264,245 
Doubtful— — — 10,000 — — — 10,000 
Total1,234,865 865,186 319,287 266,163 40,976 31,300 4,037,720 6,795,497 
Gross charge-offs— — 883 — 5,942 — 2,000 8,825 
Auto & Consumer
Pass213,318 47,587 75,120 109,228 23,084 11,448 — 479,785 
Special Mention295 52 186 270 60 10 — 873 
Substandard154 48 365 807 549 415 — 2,338 
Doubtful— — — — — — — — 
Total213,767 47,687 75,671 110,305 23,693 11,873 — 482,996 
Gross charge-offs589 813 2,363 3,340 797 1,813 — 9,715 
Total
Pass5,406,078 2,490,906 2,148,488 2,731,588 1,071,097 1,645,380 5,489,416 20,982,953 
Special Mention2,424 46,252 8,948 3,410 12,662 44,886 19,990 138,572 
Substandard3,901 10,767 18,139 166,539 14,755 92,184 113,887 420,172 
Doubtful— — — 10,000 — — — 10,000 
Total$5,412,403 $2,547,925 $2,175,575 $2,911,537 $1,098,514 $1,782,450 $5,623,293 $21,551,697 
As a % of total gross loans25.1%11.8%10.1%13.5%5.1%8.3%26.1%100.0%
Total gross charge-offs
$589 $1,528 $3,332 $3,910 $6,739 $12,208 $2,000 $30,306 
June 30, 2024
Loans Held for Investment by Fiscal Year of Origination
Revolving Loans Total
(Dollars in thousands)20242023202220212020Prior
Single Family-Mortgage & Warehouse
Pass$491,822 $590,060 $1,200,230 $487,132 $291,047 $720,049 $256,778 $4,037,118 
Special Mention31,000 — 24,489 665 6,591 26,873 — 89,618 
Substandard— 283 6,728 — 14,720 30,365 — 52,096 
Doubtful— — — — — — — — 
Total522,822 590,343 1,231,447 487,797 312,358 777,287 256,778 4,178,832 
Year-to-date gross charge-offs— — — — — 172 — 172 
Multifamily and Commercial Mortgage
Pass36,058 700,163 994,004 595,299 510,341 811,184 — 3,647,049 
Special Mention— 29,325 46,194 17,478 9,011 10,277 — 112,285 
Substandard— 13,489 12,509 15,507 41,013 20,079 — 102,597 
Doubtful— — — — — — — — 
Total36,058 742,977 1,052,707 628,284 560,365 841,540 — 3,861,931 
Year-to-date gross charge-offs— — — — 640 — — 640 
Commercial Real Estate
Pass1,952,001 1,419,399 1,456,643 221,061 7,741 53,000 866,686 5,976,531 
Special Mention— — 27,452 — — — — 27,452 
Substandard— 5,600 43,700 5,000 — 30,339 — 84,639 
Doubtful— — — — — — — — 
Total1,952,001 1,424,999 1,527,795 226,061 7,741 83,339 866,686 6,088,622 
Year-to-date gross charge-offs— — — — — — — — 
Commercial & Industrial - Non-RE
Pass991,497 458,454 238,397 44,923 10,422 12,867 3,295,425 5,051,985 
Special Mention— 1,613 731 1,818 — — 5,349 9,511 
Substandard— 34,433 122,729 1,031 — 2,988 19,089 180,270 
Doubtful— — — — — — — — 
Total991,497 494,500 361,857 47,772 10,422 15,855 3,319,863 5,241,766 
Year-to-date gross charge-offs— — — — — 84 — 84 
Auto & Consumer
Pass65,766 114,615 177,043 43,287 13,402 14,056 — 428,169 
Special Mention33 213 422 176 — 61 — 905 
Substandard142 547 1,264 410 114 109 — 2,586 
Doubtful— — — — — — — — 
Total65,941 115,375 178,729 43,873 13,516 14,226 — 431,660 
Year-to-date gross charge-offs202 3,471 5,212 1,556 303 269 — 11,013 
Total
Pass3,537,144 3,282,691 4,066,317 1,391,702 832,953 1,611,156 4,418,889 19,140,852 
Special Mention31,033 31,151 99,288 20,137 15,602 37,211 5,349 239,771 
Substandard142 54,352 186,930 21,948 55,847 83,880 19,089 422,188 
Doubtful— — — — — — — — 
Total$3,568,319 $3,368,194 $4,352,535 $1,433,787 $904,402 $1,732,247 $4,443,327 $19,802,811 
As a % of total gross loans18.0%17.1%22.0%7.2%4.6%8.7%22.4%100.0%
Total year-to-date gross charge-offs202 3,471 5,212 1,556 943 525 — 11,909 
Schedule of Past Due Loan and Leases
The following tables provide the aging of loans by portfolio segment:
June 30, 2025
(Dollars in thousands)Current30-59 Days60-89 Days90+ DaysTotal
Single Family-Mortgage & Warehouse$4,322,681 $13,302 $16,395 $42,900 $4,395,278 
Multifamily and Commercial Mortgage2,870,972 36,649 549 32,569 2,940,739 
Commercial Real Estate6,900,904 — 7,060 29,223 6,937,187 
Commercial & Industrial - Non-RE6,783,440 — — 12,057 6,795,497 
Auto & Consumer
477,694 3,025 920 1,357 482,996 
Total$21,355,691 $52,976 $24,924 $118,106 $21,551,697 
As a % of total gross loans99.09 %0.25 %0.12 %0.55 %100.00 %
June 30, 2024
(Dollars in thousands)Current30-59 Days60-89 Days90+ DaysTotal
Single Family-Mortgage & Warehouse$4,070,186 $46,387 $18,401 $43,858 $4,178,832 
Multifamily and Commercial Mortgage3,795,387 13,074 8,554 44,916 3,861,931 
Commercial Real Estate6,024,470 — 25,950 38,202 6,088,622 
Commercial & Industrial - Non-RE
5,240,734 — — 1,032 5,241,766 
Auto & Consumer424,555 4,644 996 1,465 431,660 
Total$19,555,332 $64,105 $53,901 $129,473 $19,802,811 
As a % of total gross loans98.75 %0.33 %0.27 %0.65 %100.00 %
Schedule of Related Party Loans Collateralized
In the ordinary course of business, the Company has granted related party loans collateralized by real property to certain executive officers, directors and their affiliates, which is summarized in the following table:
At or for the Fiscal Year Ended June 30,
(Dollars in thousands)20252024
Outstanding loan balance$29,146 $29,673 
Loans originated and funded$372 $1,044 
Principal repayments$899 $552 
v3.25.2
DERIVATIVES (Tables)
 12 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table presents the fair values and notional amounts of the Company’s derivative instruments. While the notional amounts give an indication of the volume of the Company’s derivatives activity, the notional amounts significantly exceed, in the Company’s view, the possible losses that could arise from such transactions. For most derivative contracts, the notional amount is not exchanged, rather it is a reference amount used to calculate payments. As of June 30, 2024, there were no derivatives designated in hedge accounting relationships.
June 30, 2025
June 30, 2024
Fair ValueFair Value
(Dollars in thousands)Notional AmountDerivative AssetsDerivative LiabilitiesNotional AmountDerivative AssetsDerivative Liabilities
Derivatives designated as hedging instruments
Interest rate contracts$400,000 $1,950 $— $— $— $— 
Derivatives not designated as hedging instruments
Interest rate contracts1
2,761,021 15,782 68,427 2,435,874 106,796 102,949 
Foreign exchange contracts9,570 2 71 — — — 
Total derivatives$3,170,591 $17,734 $68,498 $2,435,874 $106,796 $102,949 
1 Derivatives assets as of June 30, 2025 are presented net of $55.4 million of variation margin on centrally-cleared derivatives. As of June 30, 2024, derivative assets are presented gross of $85.2 million of variation margin on centrally-cleared derivatives as a result of an $87.9 million receivable from the FDIC related to the novation of certain interest rate swaps.
Schedule of Derivative Instruments, Gain (Loss)
The following table presents pre-tax gains/(losses) on derivative instruments used in cash flow hedge accounting relationships.
For the Fiscal Year Ended June 30,
(Dollars in thousands)202520242023
Amounts recorded in OCI$5,448 $— $— 
Amounts reclassified from AOCI to income(3,749)— — 
Total change in OCI for period$1,699 $— $— 
The following table presents the gains (losses) related to the Company’s derivative instrument activity recognized in the Consolidated Statements of Income:
For the Fiscal Year Ended June 30,
(Dollars in thousands)202520242023
Interest rate contracts
Banking and service fees$(2,463)$470 $803 
Mortgage banking and servicing rights income$(431)$782 $916 
Foreign exchange contracts
Banking and service fees$(92)— $— 
v3.25.2
OFFSETTING OF DERIVATIVES AND SECURITIES FINANCING AGREEMENTS (Tables)
 12 Months Ended
Jun. 30, 2025
Offsetting [Abstract]  
Schedule of Securities Financing Transactions - Assets
The following tables present information about the offsetting of these instruments and related collateral amounts:
June 30, 2025
(Dollars in thousands)Gross Assets / LiabilitiesAmounts OffsetNet Balance Sheet Amount
Amounts Not Offset2
Net Assets / Liabilities
Assets:
Securities borrowed$139,396 $— $139,396 $139,396 $— 
Other assets — derivative instruments1
17,734 — 17,734 11,174 6,560 
Liabilities:
Securities loaned$139,426 $— $139,426 $139,426 $— 
Accounts payable and other liabilities — derivative instruments
68,497 — 68,497 6,122 62,375 
June 30, 2024
(Dollars in thousands)Gross Assets / LiabilitiesAmounts OffsetNet Balance Sheet Amount
Amounts Not Offset2
Net Assets / Liabilities
Assets:
Securities borrowed$67,212 $— $67,212 $67,212 $— 
Other assets — derivative instruments1
106,796 — 106,796 18,524 88,272 
Liabilities:
Securities loaned$74,177 $— $74,177 $74,177 $— 
Accounts payable and other liabilities — derivative instruments
102,949 — 102,949 414 102,535 
1 Other Assets - Derivative Assets as of June 30, 2025 are presented net of $55.4 million of variation margin on centrally-cleared derivatives. As of June 30, 2024, gross derivative assets are presented gross of $85.2 million of variation margin on centrally-cleared derivatives as a result of an $87.9 million receivable from the FDIC related to the novation of certain interest rate swaps.
2 Amounts not offset reflect cash collateral received on Derivative Assets of $6.3 million and $18.1 million as of June 30, 2025 and June 30, 2024, respectively, and cash collateral placed on Derivative Liabilities of $1.3 million as of June 30, 2025. There was no cash collateral placed on Derivative Liabilities as of June 30, 2024.
Schedule of Securities Financing Transactions - Liabilities
The following tables present information about the offsetting of these instruments and related collateral amounts:
June 30, 2025
(Dollars in thousands)Gross Assets / LiabilitiesAmounts OffsetNet Balance Sheet Amount
Amounts Not Offset2
Net Assets / Liabilities
Assets:
Securities borrowed$139,396 $— $139,396 $139,396 $— 
Other assets — derivative instruments1
17,734 — 17,734 11,174 6,560 
Liabilities:
Securities loaned$139,426 $— $139,426 $139,426 $— 
Accounts payable and other liabilities — derivative instruments
68,497 — 68,497 6,122 62,375 
June 30, 2024
(Dollars in thousands)Gross Assets / LiabilitiesAmounts OffsetNet Balance Sheet Amount
Amounts Not Offset2
Net Assets / Liabilities
Assets:
Securities borrowed$67,212 $— $67,212 $67,212 $— 
Other assets — derivative instruments1
106,796 — 106,796 18,524 88,272 
Liabilities:
Securities loaned$74,177 $— $74,177 $74,177 $— 
Accounts payable and other liabilities — derivative instruments
102,949 — 102,949 414 102,535 
1 Other Assets - Derivative Assets as of June 30, 2025 are presented net of $55.4 million of variation margin on centrally-cleared derivatives. As of June 30, 2024, gross derivative assets are presented gross of $85.2 million of variation margin on centrally-cleared derivatives as a result of an $87.9 million receivable from the FDIC related to the novation of certain interest rate swaps.
2 Amounts not offset reflect cash collateral received on Derivative Assets of $6.3 million and $18.1 million as of June 30, 2025 and June 30, 2024, respectively, and cash collateral placed on Derivative Liabilities of $1.3 million as of June 30, 2025. There was no cash collateral placed on Derivative Liabilities as of June 30, 2024.
v3.25.2
CUSTOMER, BROKER-DEALER AND CLEARING RECEIVABLES AND PAYABLES (Tables)
 12 Months Ended
Jun. 30, 2025
Broker-Dealer [Abstract]  
Schedule of Customer, Broker-Dealer and Clearing Receivables and Payables Customer, broker-dealer and clearing receivables and payables consisted of the following:
At June 30,
(Dollars in thousands)20252024
Receivables:
Customers$234,875 $220,243 
Broker-dealer and clearing organizations:
Receivable from broker-dealers14,089 17,885 
Securities failed to deliver3,756 1,900 
Total customer, broker-dealer and clearing receivables$252,720 $240,028 
Payables:
Customers$329,974 $280,620 
Broker-dealer and clearing organizations:
Payable to broker-dealers17,315 18,112 
Securities failed to receive3,317 2,395 
Total customer, broker-dealer and clearing payables$350,606 $301,127 
v3.25.2
OTHER ASSETS (Tables)
 12 Months Ended
Jun. 30, 2025
Other Assets [Abstract]  
Schedule of Bank-Owned Life Insurance Activity The following table summarizes the activity in the Company’s bank-owned life insurance (“BOLI”). Income related to bank-owned life insurance is included in “Banking and service fees” in the Consolidated Statements of Income.
(Dollars in thousands)
BOLI
Balance as of June 30, 2022$160,775 
Death benefits(1,805)
Change in contract value4,444 
Balance as of June 30, 2023
$163,414 
Change in contract value5,360 
Balance as of June 30, 2024
$168,774 
Additions100,000 
Change in contract value9,405 
Balance as of June 30, 2025
$278,179 
Schedule of Furniture, Equipment And Software A summary of the cost and accumulated depreciation and amortization for leasehold improvements, furniture, equipment and software is as follows:
At June 30,
(Dollars in thousands)20252024
Software$159,878 $134,311 
Computer hardware and equipment59,995 32,195 
Furniture and fixtures11,923 11,788 
Leasehold improvements6,626 6,281 
Total$238,422 $184,575 
Less accumulated depreciation and amortization(133,341)(111,956)
Furniture, equipment and software—net
$105,081 $72,619 
Schedule of Supplemental Balance Sheet Information
Supplemental information related to the Company’s operating leases is as follows:
At June 30,
(Dollars in thousands)20252024
Right-of-use assets$53,415 $59,989 
Lease liabilities$59,116 65,923 
Weighted-average remaining lease term4.73 years5.66 years
Weighted-average discount rate3.20 %3.09 %
Schedule of Supplemental Cash Flow Information
Supplemental cash flow information related to leases is as follows:
For the Fiscal Year Ended June 30,
(Dollars in thousands)202520242023
Cash paid for amounts included in the measurement of lease liabilities for operating leases—operating cash flows$13,318 $11,821 $10,658 
Schedule of Maturities of Operating Lease Liabilities
The following table represents maturities of lease liabilities:
(Dollars in thousands)
June 30, 2025
Within one year$13,828 
After one year and within two years13,953 
After two years and within three years12,600 
After three years and within four years11,125 
After four years within five years11,068 
After five years1,354 
Total lease payments63,928 
Less: amount representing interest(4,812)
Total lease liability$59,116 
Schedule of LIHTC investments The Company recognized the following income and tax benefits for its LIHTC investments.
For the fiscal year ended June 30,
(Dollars in thousands)20252024
Tax credits recognized
$5,697 $3,394 
Other tax benefits recognized
1,385 1,466 
Amortization
(5,998)(3,574)
Net benefit (expense) included in income tax expense
1,084 1,286 
Other income (loss) included in banking and service fees
19 2 
Net benefit (expense) included in the Consolidated Statements of Income
$1,103 $1,288 
The Company recognized the following investments on its balance sheets.
For the fiscal year ended June 30,
(Dollars in thousands)20252024
LIHTC investments
$84,875 $65,873 
LIHTC unfunded commitments1
$47,381 $40,617 
1LIHTC unfunded commitments are included in “Accounts Payable and Other Liabilities” on the Consolidated Balance Sheets.
v3.25.2
GOODWILL AND INTANGIBLE ASSETS (Tables)
 12 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Activity in the Company's Goodwill Balance
The following table summarizes the activity in the Company’s goodwill balance as of the dates indicated:
(Dollars in thousands)Total
Balance as of June 30, 2023
$97,673 
Goodwill from acquisitions— 
Balance as of June 30, 2024
97,673 
Goodwill from acquisitions— 
Balance as of June 30, 2025
$97,673 
Schedule of Company's Acquired Intangible Assets
The Company’s acquired intangible assets are summarized as follows as of the dates indicated:
June 30, 2025
June 30, 2024
(Dollars in thousands)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Covenant not to compete$1,387 $1,369 $18 $1,387 $1,258 $129 
Customer relationships50,810 21,913 28,897 50,810 18,453 32,357 
Customer deposit intangible13,545 11,657 1,888 13,545 10,569 2,976 
Developed technologies34,650 29,414 5,236 34,650 26,833 7,817 
Trademark518 — 518 378 — 378 
Trade name950 710 240 950 637 313 
Workforce
206 174 32 206 79 127 
Total intangible assets$102,066 $65,237 $36,829 $101,926 $57,829 $44,097 
Schedule of Company's Acquired Intangible Assets
The Company’s acquired intangible assets are summarized as follows as of the dates indicated:
June 30, 2025
June 30, 2024
(Dollars in thousands)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Covenant not to compete$1,387 $1,369 $18 $1,387 $1,258 $129 
Customer relationships50,810 21,913 28,897 50,810 18,453 32,357 
Customer deposit intangible13,545 11,657 1,888 13,545 10,569 2,976 
Developed technologies34,650 29,414 5,236 34,650 26,833 7,817 
Trademark518 — 518 378 — 378 
Trade name950 710 240 950 637 313 
Workforce
206 174 32 206 79 127 
Total intangible assets$102,066 $65,237 $36,829 $101,926 $57,829 $44,097 
Schedule of Estimated Future Amortization Expense of Acquired Intangible Assets
Estimated future amortization expense related to finite-lived intangible assets at June 30, 2025 is as follows:
(Dollars in thousands)Amortization Expense
For the fiscal year ending June 30,
2026$6,117 
20275,821 
20285,283 
20293,408 
20302,915 
v3.25.2
DEPOSITS (Tables)
 12 Months Ended
Jun. 30, 2025
Deposits [Abstract]  
Schedule of Deposits
The following table sets forth the composition of the deposit portfolio:
(Dollars in thousands)June 30, 2025June 30, 2024
Non-interest-bearing$3,040,696 $2,975,631 
Interest-bearing demand and savings$16,660,290 $15,445,490 
Time deposits1,128,557 938,096 
Total interest bearing$17,788,847 $16,383,586 
Total deposits1
$20,829,543 $19,359,217 
1 Total deposits includes brokered deposits of $1,801.1 million and $1,611.6 million as of as of June 30, 2025 and 2024, respectively, which include brokered time deposits of $700.0 million and $400.0 million, as of as of June 30, 2025 and 2024, respectively.
Schedule of Maturities of Time Deposits
Scheduled maturities of time deposits are as follows:
(Dollars in thousands)
June 30, 2025
Within 12 months$961,573 
13 to 24 months106,869 
25 to 36 months55,064 
37 to 48 months1,333 
49 to 60 months3,718 
Total$1,128,557 
v3.25.2
ADVANCES FROM THE FEDERAL HOME LOAN BANK (Tables)
 12 Months Ended
Jun. 30, 2025
Advance from Federal Home Loan Bank [Abstract]  
Schedule of Federal Home Loan Bank, Advances, by Maturity
Maturities and weighted-average rates of fixed-rate advances from FHLB are as follows:
At June 30,
 20252024
(Dollars in thousands)AmountWeighted-
Average Rate		AmountWeighted-
Average Rate
Within one year$— — %$30,000 2.82 %
After one but within two years— — %— — %
After two but within three years— — %— — %
After three but within four years— — %— — %
After four but within five years60,000 2.07 %— %
After five years— — %60,000 2.07 %
Total$60,000 2.07 %$90,000 2.32 %
v3.25.2
BORROWINGS, SUBORDINATED NOTES AND DEBENTURES (Tables)
 12 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Borrowings, Subordinated Notes and Debentures
The following table sets forth the composition of the borrowings, subordinated notes and debentures as of the dates indicated:
(Dollars in thousands)
June 30, 2025
June 30, 2024
Borrowings from other banks$— $— 
Subordinated loans7,400 7,400 
Subordinated notes301,000 315,000 
Junior subordinated debentures5,155 5,155 
Total borrowings, subordinated notes and debentures, gross of unamortized issuance costs313,555 327,555 
Less unamortized issuance costs(884)(1,876)
Total borrowings, subordinated notes and debentures, net of unamortized issuance costs$312,671 $325,679 
Schedule of Maturities of Borrowings, Subordinated Notes and Debentures
Maturities of borrowings, subordinated notes and debentures are as follows:
(Dollars in thousands)
June 30, 2025
Within one year$7,400 
After one but within two years— 
After two but within three years— 
After three but within four years— 
After four but within five years— 
After five years306,155 
Total$313,555 
v3.25.2
INCOME TAXES (Tables)
 12 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes
The provision for income taxes is as follows:
Fiscal Year Ended
At June 30,
(Dollars in thousands)202520242023
Current:
Federal$130,062 $98,814 $89,839 
State78,381 53,525 54,326 
208,443 152,339 144,165 
Deferred:
Federal(25,702)17,501 (13,084)
State(2,254)15,633 (6,502)
(27,956)33,134 (19,586)
Total$180,487 $185,473 $124,579 
Schedule of Effective Income Tax Rate Reconciliation
The differences between the statutory federal income tax rate and the effective tax rates are summarized as follows:
Fiscal Year Ended
At June 30,
202520242023
Statutory federal tax rate21.00 %

21.00 %21.00 %
Increase (decrease) resulting from:
State taxes—net of federal tax benefit8.86 %8.90 %9.04 %
Tax credits(0.43)%(0.58)%(0.45)%
Non-taxable income(0.15)%(0.08)%(0.03)%
Excess benefit RSU vesting(0.97)%(0.42)%(0.41)%
Uncertain tax positions
1.29 %0.88 %0.39 %
Other(0.18)%(0.51)%(0.69)%
Effective tax rate29.42 %29.19 %28.85 %
Schedule of Net Deferred Tax Asset
The components of the net deferred tax asset are as follows:
At June 30,
(Dollars in thousands)20252024
Deferred tax assets:
Allowance for credit losses$91,922 $96,275 
Lease liability16,650 21,400 
Accrued compensation3,306 9,783 
Stock-based compensation expense8,134 8,282 
Litigation accrual— 5,324 
Nonaccrual loan interest income
8,419 9,034 
Unrealized net losses on securities— 1,079 
Depreciation and amortization
5,090 — 
Net operating loss carryforward
1,021 1,160 
State taxes5,967 4,282 
Securities impaired236 273 
Other DTA
37 — 
Total deferred tax assets$140,782 $156,892 
Deferred tax liabilities:
Basis difference in acquired loans
(43,773)(78,034)
Operating lease right-of-use asset(15,002)(19,406)
Unrealized net gain securities(160)— 
Depreciation and amortization— (4,679)
Other assets—prepaids(2,532)(2,183)
FHLB stock dividend(738)(852)
Total deferred tax liabilities$(62,205)$(105,154)
Net deferred tax asset78,577 51,738 
Valuation allowance(70)(70)
Net deferred tax asset, net of valuation allowance1
$78,507 $51,668 
1 Net deferred tax asset, net of valuation allowance, is included in “Other Assets” in the Consolidated Balance Sheets.
Schedule of Unrecognized Tax Benefits
The reconciliation of the gross beginning and ending amount of unrecognized tax positions are as follows:
(Dollars in thousands)20252024
Balance—beginning of period$14,089 $6,924 
Additions—current year tax positions11,156 8,709 
Additions—prior year tax positions— — 
Reductions—prior year tax positions(1,633)(1,544)
Total liability for unrecognized tax positions—end of period$23,612 $14,089 
v3.25.2
STOCKHOLDERS' EQUITY (Tables)
 12 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Common Stock Repurchases
The following table presents common stock repurchases:
Fiscal Year Ended
June 30,
(Dollars in thousands, except per share data)20252024
Total repurchase$58,450 $97,023 
Number of shares repurchased951,927 2,541,254 
Average price paid per share$61.40 $38.18 
Schedule of 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 fiscal year ended June 30, 2025
(Dollars in thousands)Unrealized gain (loss) on available-for-sale securitiesCash flow hedgesAccumulated other comprehensive income
Balance at June 30, 2024
$(2,466)$— $(2,466)
Other comprehensive income/(loss)1,686 1,128 2,814 
Balance at June 30, 2025
$(780)$1,128 $348 
For the fiscal year ended June 30, 2024
(Dollars in thousands)Unrealized gain (loss) on available-for-sale securitiesCash flow hedgesAccumulated other comprehensive income
Balance at June 30, 2023
$(6,610)$— $(6,610)
Other comprehensive income/(loss)4,144 — 4,144 
Balance at June 30, 2024
$(2,466)$— $(2,466)
For the fiscal year ended June 30, 2023
(Dollars in thousands)Unrealized gain (loss) on available-for-sale securitiesCash flow hedgesAccumulated other comprehensive income
Balance at June 30, 2022$(2,933)$— $(2,933)
Other comprehensive income/(loss)(3,677)— (3,677)
Balance at June 30, 2023
$(6,610)$— $(6,610)
The following table presents the pre-tax and after-tax changes in the components of other comprehensive income.
For the fiscal year ended June 30, 2025
For the fiscal year ended June 30, 2024
For the fiscal year ended
June 30, 2023
(Dollars in thousands)Pre-
tax		Tax
effect		After-
tax		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$2,372 $(686)$1,686 $5,931 $(1,787)$4,144 $(5,252)$1,575 $(3,677)
Reclassification adjustment for realized (gains)/losses included in net income— — — — — — — — — 
Net change$2,372 $(686)$1,686 $5,931 $(1,787)$4,144 $(5,252)$1,575 $(3,677)
Cash flow hedges:
Net unrealized gains/(losses) arising during the period$5,448 $(1,828)$3,620 $— $— $— $— $— $— 
Reclassification adjustment for realized (gains)/losses included in net income(3,749)1,257 (2,492)— — — — — — 
Net change1,699 (571)1,128 — — — — — — 
Total other comprehensive income/(loss)$4,071 $(1,257)$2,814 $5,931 $(1,787)$4,144 $(5,252)$1,575 $(3,677)
v3.25.2
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Status and Changes in Restricted Stock Grants
The following table presents the status and changes in RSUs for the periods indicated:
RSUsWeighted-Average
Grant-Date Fair Value
Non-vested balance at June 30, 2024
1,541,194 $43.95 
Granted1,014,356 63.94 
Vested(880,010)46.38 
Forfeitures(111,524)49.66 
Non-vested balance at June 30, 2025
1,564,016 $55.50 
v3.25.2
EARNINGS PER COMMON SHARE (Tables)
 12 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Calculation of Basic and Diluted EPS
The following table presents the calculation of basic and diluted earnings per common share (“EPS”):
June 30,
(Dollars in thousands, except per share data)202520242023
Earnings Per Common Share
Net income$432,908 $450,008 $307,165 
Average common shares issued and outstanding56,862,630 57,509,029 59,691,541 
Earnings per common share$7.61 $7.82 $5.15 
Diluted Earnings Per Common Share
Net income$432,908 $450,008 $307,165 
Average common shares issued and outstanding56,862,630 57,509,029 59,691,541 
Dilutive effect of average unvested RSUs1,378,791 1,216,607 875,313 
Average dilutive common shares outstanding58,241,421 58,725,636 60,566,854 
Diluted earnings per common share$7.43 $7.66 $5.07 
Weighted average antidilutive common stock equivalents (excluded from the computation of EPS)6,192 9,744 4,505 
v3.25.2
COMMITMENTS, CONTINGENCIES AND OFF-BALANCE-SHEET ACTIVITIES (Tables)
 12 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Off- Balance Sheet Commitments 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.
(dollars in thousands)
June 30, 2025
Commitments to fund loans$5,575,685 
Commitments to sell loans$6,166 
Commitments to contribute capital - Non-LIHTC
$3,514 
Standby letters of credit$9,225 
v3.25.2
REGULATORY CAPITAL REQUIREMENTS (Tables)
 12 Months Ended
Jun. 30, 2025
Banking Regulation, Minimum Regulatory Capital Requirements [Abstract]  
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations
The Company’s and Bank’s capital amounts, capital ratios and capital requirements under Basel III were as follows:
Axos Financial, Inc.Axos Bank“Well 
Capitalized”
Ratio		Minimum Capital
Ratio
(Dollars in thousands)
June 30,
2025
June 30,
2024
June 30,
2025
June 30,
2024
Regulatory Capital:
Tier 1 $2,554,071$2,167,781$2,360,284$2,181,426
Common equity tier 1 $2,554,071$2,167,781$2,360,284$2,181,426
Total capital$3,117,763$2,678,489$2,603,589$2,365,061
Assets:
Average adjusted$23,813,242$22,979,871$23,077,089$22,391,541
Total risk-weighted $20,404,204$18,049,571$19,003,094$17,128,880
Regulatory Capital Ratios:
Tier 1 leverage (to adjusted average assets)10.73 %9.43 %10.23 %9.74 %5.00%4.00%
Common equity tier 1 capital (to risk-weighted assets)12.52 %12.01 %12.42 %12.74 %6.50%4.50%
Tier 1 capital (to risk-weighted assets)12.52 %12.01 %12.42 %12.74 %8.00%6.00%
Total capital (to risk-weighted assets)15.28 %14.84 %13.70 %13.81 %10.00%8.00%
The net capital positions of Axos Clearing were as follows:
(Dollars in thousands)
June 30, 2025
June 30, 2024
Net capital$86,996 $101,462 
Excess Capital$81,834 $96,654 
Net capital as a percentage of aggregate debit items33.71 %42.21 %
Net capital in excess of 5% aggregate debit items$74,091 $89,442 
v3.25.2
PARENT-ONLY CONDENSED FINANCIAL INFORMATION (Tables)
 12 Months Ended
Jun. 30, 2025
Condensed Financial Information Disclosure [Abstract]  
Schedule of Condensed Balance Sheets
The following tables present Axos Financial, Inc. (Parent company only) financial information and should be read in conjunction with the Consolidated Financial Statements of the Company and the other notes to the Consolidated Financial Statements. Adjustments to investment in subsidiaries, stockholders’ equity and equity in undistributed earnings of subsidiaries have been made to eliminate an intercompany transaction between multiple subsidiaries and the Parent company.
CONDENSED BALANCE SHEETS
 At June 30,
(Dollars in thousands)20252024
ASSETS
Cash and cash equivalents$185,865 $109,610 
Securities68,749 78,321 
Advances to non-bank subsidiaries— 3,000 
Other assets126,611 68,321 
Investment in bank subsidiaries2,477,715 2,241,746 
Investment in non-bank subsidiaries352,630 216,164 
Total assets
$3,211,570 $2,717,162 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Borrowings, subordinated notes and debentures$312,671 $325,679 
Accounts payable and other liabilities218,222 100,887 
Total liabilities530,893 426,566 
Stockholders’ equity2,680,677 2,290,596 
Total liabilities and stockholders’ equity$3,211,570 $2,717,162 
Schedule of Condensed Statements of Income
CONDENSED STATEMENTS OF INCOME
 
Fiscal Year Ended June 30,
(Dollars in thousands)202520242023
Interest income$7,388 $4,279 $1,656 
Interest expense14,827 15,990 15,909 
Net interest (expense) income(7,439)(11,711)(14,253)
Provision for loan losses2,575 (184)— 
Net interest (expense) income, after provision for credit losses(10,014)(11,527)(14,253)
Non-interest income (loss)15,727 13,247 11,448 
Non-interest expense and tax benefit (expense)1
56,078 31,366 15,866 
Income (loss) before dividends from subsidiary and equity in undistributed income of subsidiaries(50,365)(29,646)(18,671)
Dividends from bank subsidiaries160,000 120,000 45,000 
Dividends from non-bank subsidiaries35,000 26,000 13,750 
Equity in undistributed earnings of subsidiaries288,273 333,654 267,086 
Net income$432,908 $450,008 $307,165 
Comprehensive income$435,722 $454,152 $303,488 
1 Includes tax benefit/(expense) of $(10.3) million, $6.4 million, and $11.9 million for the fiscal years ended June 30, 2025, 2024, and 2023, respectively.
Schedule of Statements of Cash Flows
CONDENSED STATEMENTS OF CASH FLOWS
 
Fiscal Year Ended June 30,
(Dollars in thousands)202520242023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$432,908 $450,008 $307,165 
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation, amortization and accretion24,499 9,532 12,383 
Stock-based compensation expense41,970 35,194 26,100 
Equity in undistributed earnings of subsidiaries(288,273)(333,654)(267,086)
Decrease (increase) in other assets(4,235)15,849 (3,448)
Increase (decrease) in other liabilities111,982 (17,922)(1,069)
Net cash provided by operating activities318,851 159,007 74,045 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investments
(1,001)(20,351)— 
Purchases of loans, net of discounts or premiums
(55,664)— — 
Proceeds from principal repayments on loans5,051 5,000 25,000 
Purchases of furniture, equipment, software and intangibles(18,650)(5,378)(805)
Investment in subsidiaries(73,320)(23,200)(25,825)
Net cash used in investing activities(143,584)(43,929)(1,630)
CASH FLOWS FROM FINANCING ACTIVITIES:
Tax payments related to the settlement of restricted stock units(27,640)(16,192)(6,144)
Repurchase of treasury stock(58,203)(96,286)(48,963)
Repurchase of subordinated notes
(13,169)(8,938)— 
Net cash provided by (used in) financing activities(99,012)(121,416)(55,107)
NET CHANGE IN CASH AND CASH EQUIVALENTS76,255 (6,338)17,308 
CASH AND CASH EQUIVALENTS—Beginning of year109,610 115,948 98,640 
CASH AND CASH EQUIVALENTS—End of year$185,865 $109,610 $115,948 
v3.25.2
SEGMENT REPORTING (Tables)
 12 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment The following tables present the operating results, goodwill, and assets of the segments:
For the Fiscal Year Ended June 30, 2025
(Dollars in thousands)Banking
Business Segment		Securities Business SegmentCorporate/EliminationsAxos Consolidated
Net interest income$1,114,173 $28,431 $(14,832)$1,127,772 
Provision for credit losses55,745 — — 55,745 
Non-interest income46,430 119,138 (34,502)131,066 
Salaries and related costs207,911 59,439 30,605 297,955 
Other segment items1
265,634 55,188 (29,079)291,743 
Total non-interest expense473,545 114,627 1,526 589,698 
Income before taxes$631,313 $32,942 $(50,860)$613,395 
For the Fiscal Year Ended June 30, 2024
(Dollars in thousands)Banking
Business Segment		Securities Business SegmentCorporate/EliminationsAxos Consolidated
Net interest income$950,832 $26,207 $(15,610)$961,429 
Provision for credit losses32,500 — — 32,500 
Non-interest income139,071 129,020 (45,431)222,660 
Salaries and related costs177,065 55,954 17,854 250,873 
Other segment items1
241,630 59,137 (35,532)265,235 
Total non-interest expense418,695 115,091 (17,678)516,108 
Income before taxes$638,708 $40,136 $(43,363)$635,481 
For the Fiscal Year Ended June 30, 2023
(Dollars in thousands)Banking
Business Segment		Securities Business SegmentCorporate/EliminationsAxos Consolidated
Net interest income$776,294 $21,042 $(14,215)$783,121 
Provision for credit losses24,250 — — 24,250 
Non-interest income42,260 141,107 (62,879)120,488 
Salaries and related costs144,864 47,566 11,841 204,271 
Other segment items1
246,547 55,006 (58,209)243,344 
Total non-interest expense391,411 102,572 (46,368)447,615 
Income before taxes$402,893 $59,577 $(30,726)$431,744 
1 Other segment items includes the non-interest expenses other than salaries and related costs as presented in the Consolidated Statements of Income.
As of June 30, 2025
(Dollars in thousands)Banking
Business Segment		Securities Business SegmentCorporate/EliminationsAxos Consolidated
Goodwill$35,721 $59,953 $1,999 $97,673 
Total Assets$23,988,748 $751,820 $42,510 $24,783,078 
As of June 30, 2024
(Dollars in thousands)Banking
Business Segment		Securities Business SegmentCorporate/EliminationsAxos Consolidated
Goodwill$35,721 $59,953 $1,999 $97,673 
Total Assets$22,165,627 $649,254 $40,453 $22,855,334 
v3.25.2
ORGANIZATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - NARRATIVE (Details)
$ in Thousands
 12 Months Ended
Dec. 07, 2023
loanPortfolio
Jun. 30, 2025
USD ($)
entity
trust
segment
Jun. 30, 2024
USD ($)
Concentration Risk [Line Items]      
Number of lending-related trust entities | entity   3  
Number of loan portfolio segments 2 5  
Number of consolidated securitization trusts | trust   3  
Outstanding loan balance   $ 21,049,610 $ 19,231,385
Variable Interest Entity, Primary Beneficiary      
Concentration Risk [Line Items]      
Outstanding loan balance   $ 1,432,700 $ 1,191,700
Minimum      
Concentration Risk [Line Items]      
Useful life (in years)   3 years  
Minimum | Auto & Consumer | Auto      
Concentration Risk [Line Items]      
Maturity term (in years)   2 years  
Minimum | Auto & Consumer | Consumer Unsecured Lending      
Concentration Risk [Line Items]      
Maturity term (in years)   3 years  
Maximum      
Concentration Risk [Line Items]      
Useful life (in years)   7 years  
Maximum | Auto & Consumer | Auto      
Concentration Risk [Line Items]      
Maturity term (in years)   8 years  
Maximum | Auto & Consumer | Consumer Unsecured Lending      
Concentration Risk [Line Items]      
Maturity term (in years)   6 years  
v3.25.2
ORGANIZATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - SCHEDULE OF NON-INTEREST INCOME, SEGREGATED BY REVENUE STREAMS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Disaggregation of Revenue [Line Items]      
Non-interest income (in-scope ASC 606) $ 65,789 $ 64,641 $ 65,261
Non-interest income (out-of-scope ASC 606) 65,277 158,019 55,227
Total non-interest income 131,066 222,660 120,488
Advisory fee income      
Disaggregation of Revenue [Line Items]      
Non-interest income (in-scope ASC 606) 31,794 31,335 28,324
Broker-dealer clearing fees      
Disaggregation of Revenue [Line Items]      
Non-interest income (in-scope ASC 606) 22,233 20,643 21,903
Deposit service fees      
Disaggregation of Revenue [Line Items]      
Non-interest income (in-scope ASC 606) 5,430 4,257 4,517
Card fees      
Disaggregation of Revenue [Line Items]      
Non-interest income (in-scope ASC 606) 2,867 2,516 4,410
Technology and service fees      
Disaggregation of Revenue [Line Items]      
Non-interest income (in-scope ASC 606) $ 3,465 $ 5,890 $ 6,107
v3.25.2
ORGANIZATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - SCHEDULE OF CASH AND CASH EQUIVALENTS (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Accounting Policies [Abstract]        
Non-interest-earning cash and cash equivalents $ 152,337 $ 66,563    
Interest-earning cash and cash equivalents 2,024,017 2,119,213    
Total cash, cash equivalents and restricted cash $ 2,176,354 $ 2,185,776 $ 2,382,086 $ 1,574,699
v3.25.2
ACQUISITIONS - NARRATIVE (Details)
$ in Thousands
 12 Months Ended
Dec. 07, 2023
USD ($)
loanPortfolio
Aug. 23, 2023
USD ($)
Jun. 30, 2025
USD ($)
segment
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2022
USD ($)
Business Combination [Line Items]            
Number of loan portfolio segments 2   5      
Unpaid principal balance     $ 21,049,610 $ 19,231,385    
Allowance for credit losses at acquisition     290,049 260,542 $ 166,680 $ 148,617
Other assets     17,734 106,796    
Accounts payable and other liabilities—Derivative instruments     68,498 102,949    
Gain on acquisition     0 92,397 0  
Commercial Real Estate            
Business Combination [Line Items]            
Allowance for credit losses at acquisition     $ 113,804 $ 87,780 $ 72,755 $ 69,339
Marine Floor Financing Loans            
Business Combination [Line Items]            
Consideration transferred   $ 52,000        
Intangible and Other Assets            
Business Combination [Line Items]            
Consideration transferred   $ 2,000        
Real Estate Loan Portfolios | Commercial Real Estate            
Business Combination [Line Items]            
Unpaid principal balance $ 1,300,000          
Unpaid principal balance, fair value 901,500          
Non-credit-related discount 306,800          
Gain on acquisition 92,400          
Real Estate Loan Portfolios | Commercial Real Estate | Interest Rate Swap            
Business Combination [Line Items]            
Other assets 109,000          
Accounts payable and other liabilities—Derivative instruments 104,400          
Real Estate Loan Portfolios | PCD Portfolio Segment            
Business Combination [Line Items]            
Unpaid principal balance 341,301          
Non-credit-related discount 100,686          
Allowance for credit losses at acquisition $ 70,097          
v3.25.2
ACQUISITIONS - SCHEDULE OF ASSET ACQUISITION (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Dec. 07, 2023
Jun. 30, 2023
Jun. 30, 2022
Business Combination [Line Items]          
Unpaid principal balance $ 21,049,610 $ 19,231,385      
Allowance for credit losses at acquisition $ (290,049) $ (260,542)   $ (166,680) $ (148,617)
Real Estate Loan Portfolios | PCD Portfolio Segment          
Business Combination [Line Items]          
Unpaid principal balance     $ 341,301    
Non-credit discount     (100,686)    
Allowance for credit losses at acquisition     (70,097)    
Purchase price     $ 170,518    
v3.25.2
FAIR VALUE - NARRATIVE (Details)
Jun. 30, 2025
Level 3 | Available-for-Sale Securities: Non-Agency MBS  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Unemployment rate 4.10%
v3.25.2
FAIR VALUE - SCHEDULE OF ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
ASSETS:    
Trading securities $ 649 $ 353
Available-for-sale securities 66,008 141,611
Loans held for sale 10,012 16,482
Other assets—Derivative instruments 17,734 106,796
LIABILITIES:    
Accounts payable and other liabilities—Derivative instruments $ 68,498 $ 102,949
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accounts payable and other liabilities Accounts payable and other liabilities
Variation margin on centrally-cleared derivatives $ 55,400 $ 85,200
Interest Rate Swap    
LIABILITIES:    
Variation margin on centrally-cleared derivatives 55,400 85,200
Receivable from FDIC   87,900
Agency MBS    
ASSETS:    
Available-for-sale securities 46,757 27,259
Non-Agency MBS    
ASSETS:    
Available-for-sale securities 15,569 110,928
Municipal    
ASSETS:    
Available-for-sale securities 3,682 3,424
Recurring    
ASSETS:    
Trading securities 649 353
Available-for-sale securities 66,008 141,611
Loans held for sale 10,012 16,482
Servicing rights 27,218 28,924
Other assets—Derivative instruments 17,734 106,796
LIABILITIES:    
Accounts payable and other liabilities—Derivative instruments 68,498 102,949
Recurring | Agency MBS    
ASSETS:    
Available-for-sale securities 46,757 27,259
Recurring | Non-Agency MBS    
ASSETS:    
Available-for-sale securities 15,569 110,928
Recurring | Municipal    
ASSETS:    
Available-for-sale securities 3,682 3,424
Significant Other Observable Inputs (Level 2)    
ASSETS:    
Trading securities 649 353
Available-for-sale securities 50,439 30,683
Loans held for sale 10,012 16,482
Servicing rights 0 0
Other assets—Derivative instruments 17,734 106,796
LIABILITIES:    
Accounts payable and other liabilities—Derivative instruments 68,498 102,949
Significant Other Observable Inputs (Level 2) | Recurring    
ASSETS:    
Trading securities 649 353
Available-for-sale securities 50,439 30,683
Loans held for sale 10,012 16,482
Servicing rights 0 0
Other assets—Derivative instruments 17,734 106,796
LIABILITIES:    
Accounts payable and other liabilities—Derivative instruments 68,498 102,949
Significant Other Observable Inputs (Level 2) | Recurring | Agency MBS    
ASSETS:    
Available-for-sale securities 46,757 27,259
Significant Other Observable Inputs (Level 2) | Recurring | Non-Agency MBS    
ASSETS:    
Available-for-sale securities 0 0
Significant Other Observable Inputs (Level 2) | Recurring | Municipal    
ASSETS:    
Available-for-sale securities 3,682 3,424
Significant Unobservable Inputs (Level 3)    
ASSETS:    
Trading securities 0 0
Available-for-sale securities 15,569 110,928
Loans held for sale 0 0
Servicing rights 27,218 28,924
Other assets—Derivative instruments 0 0
LIABILITIES:    
Accounts payable and other liabilities—Derivative instruments 0 0
Significant Unobservable Inputs (Level 3) | Recurring    
ASSETS:    
Trading securities 0 0
Available-for-sale securities 15,569 110,928
Loans held for sale 0 0
Servicing rights 27,218 28,924
Other assets—Derivative instruments 0 0
LIABILITIES:    
Accounts payable and other liabilities—Derivative instruments 0 0
Significant Unobservable Inputs (Level 3) | Recurring | Agency MBS    
ASSETS:    
Available-for-sale securities 0 0
Significant Unobservable Inputs (Level 3) | Recurring | Non-Agency MBS    
ASSETS:    
Available-for-sale securities 15,569 110,928
Significant Unobservable Inputs (Level 3) | Recurring | Municipal    
ASSETS:    
Available-for-sale securities $ 0 $ 0
v3.25.2
FAIR VALUE - SCHEDULE OF LEVEL 3 ASSETS MEASURED ON RECURRING BASIS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Included in earnings—Mortgage banking income [Extensible Enumeration] Mortgage banking and servicing rights income Mortgage banking and servicing rights income
Included in other comprehensive income [Extensible Enumeration] Other comprehensive income (loss) Other comprehensive income (loss)
Recurring    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Opening Balance $ 139,852 $ 230,448
Transfers into Level 3 0  
Transfers out of Level 3 0  
Included in earnings—Mortgage banking and servicing rights income (2,706) 739
Included in other comprehensive income 905 5,535
Purchases, retentions, issues, sales and settlements:    
Purchases/Retentions 1,000 2,742
Issues 0  
Sales 0  
Settlements (96,264) (99,612)
Closing balance 42,787 139,852
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period (2,706) 739
Recurring | Available-for-Sale Securities: Non-Agency MBS    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Opening Balance 110,928 205,005
Transfers into Level 3 0  
Transfers out of Level 3 0  
Included in earnings—Mortgage banking and servicing rights income 0 0
Included in other comprehensive income 905 5,535
Purchases, retentions, issues, sales and settlements:    
Purchases/Retentions 0 0
Issues 0  
Sales 0  
Settlements (96,264) (99,612)
Closing balance 15,569 110,928
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period 0 0
Recurring | Servicing Rights    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Opening Balance 28,924 25,443
Transfers into Level 3 0  
Transfers out of Level 3 0  
Included in earnings—Mortgage banking and servicing rights income (2,706) 739
Included in other comprehensive income 0 0
Purchases, retentions, issues, sales and settlements:    
Purchases/Retentions 1,000 2,742
Issues 0  
Sales 0  
Settlements 0 0
Closing balance 27,218 28,924
Change in unrealized gains or losses for the period included in earnings for assets held at the end of the reporting period (2,706) 739
Level 3 | Recurring    
Purchases, retentions, issues, sales and settlements:    
Principal payments and loans that were paid down or paid off 1,400 1,200
Market-driven increase (decrease) in interest rates $ (1,300) $ 1,900
v3.25.2
FAIR VALUE - SCHEDULE OF QUANTITATIVE INFORMATION FOR LEVEL 3 FAIR VALUE MEASURMENTS (RECURRING) (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
year
Jun. 30, 2024
USD ($)
year
Fair Value, Option, Quantitative Disclosures [Line Items]    
Securities – Non-agency MBS $ 66,008 $ 141,611
Securities – Non-agency MBS    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Securities – Non-agency MBS 15,569 110,928
Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Securities – Non-agency MBS 66,008 141,611
Servicing Rights 27,218 28,924
Recurring | Securities – Non-agency MBS    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Securities – Non-agency MBS 15,569 110,928
Level 3    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Securities – Non-agency MBS 15,569 110,928
Servicing Rights 27,218 28,924
Level 3 | Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Securities – Non-agency MBS 15,569 110,928
Servicing Rights 27,218 28,924
Level 3 | Recurring | Securities – Non-agency MBS    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Securities – Non-agency MBS $ 15,569 $ 110,928
Level 3 | Recurring | Securities – Non-agency MBS | Minimum | Projected Constant Prepayment Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Available-for-sale securities, measurement input 0.025 0.000
Level 3 | Recurring | Securities – Non-agency MBS | Minimum | Projected Constant Default Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Available-for-sale securities, measurement input 0.015 0.000
Level 3 | Recurring | Securities – Non-agency MBS | Minimum | Projected Loss Severity    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Available-for-sale securities, measurement input 0.350 0.000
Level 3 | Recurring | Securities – Non-agency MBS | Minimum | Discount Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Available-for-sale securities, measurement input 0.025 0.025
Level 3 | Recurring | Securities – Non-agency MBS | Minimum | Credit Enhancement    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Available-for-sale securities, measurement input 0.000 0.000
Level 3 | Recurring | Securities – Non-agency MBS | Maximum | Projected Constant Prepayment Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Available-for-sale securities, measurement input 0.300 0.721
Level 3 | Recurring | Securities – Non-agency MBS | Maximum | Projected Constant Default Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Available-for-sale securities, measurement input 0.119 0.137
Level 3 | Recurring | Securities – Non-agency MBS | Maximum | Projected Loss Severity    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Available-for-sale securities, measurement input 0.689 0.689
Level 3 | Recurring | Securities – Non-agency MBS | Maximum | Discount Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Available-for-sale securities, measurement input 0.041 0.049
Level 3 | Recurring | Securities – Non-agency MBS | Maximum | Credit Enhancement    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Available-for-sale securities, measurement input 0.990 0.649
Level 3 | Recurring | Securities – Non-agency MBS | Weighted Average | Projected Constant Prepayment Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Available-for-sale securities, measurement input 0.224 0.380
Level 3 | Recurring | Securities – Non-agency MBS | Weighted Average | Projected Constant Default Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Available-for-sale securities, measurement input 0.087 0.028
Level 3 | Recurring | Securities – Non-agency MBS | Weighted Average | Projected Loss Severity    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Available-for-sale securities, measurement input 0.434 0.329
Level 3 | Recurring | Securities – Non-agency MBS | Weighted Average | Discount Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Available-for-sale securities, measurement input 0.027 0.025
Level 3 | Recurring | Securities – Non-agency MBS | Weighted Average | Credit Enhancement    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Available-for-sale securities, measurement input 0.392 0.228
Level 3 | Recurring | Servicing Rights    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Servicing Rights $ 27,218 $ 28,924
Level 3 | Recurring | Servicing Rights | Minimum | Projected Constant Prepayment Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Servicing asset, measurement input 0.052 0.055
Level 3 | Recurring | Servicing Rights | Minimum | Discount Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Servicing asset, measurement input 0.095 0.095
Level 3 | Recurring | Servicing Rights | Minimum | Life (in years)    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Servicing asset, measurement input | year 2.5 0.4
Level 3 | Recurring | Servicing Rights | Maximum | Projected Constant Prepayment Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Servicing asset, measurement input 0.266 0.952
Level 3 | Recurring | Servicing Rights | Maximum | Discount Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Servicing asset, measurement input 0.112 0.112
Level 3 | Recurring | Servicing Rights | Maximum | Life (in years)    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Servicing asset, measurement input | year 12.8 14.9
Level 3 | Recurring | Servicing Rights | Weighted Average | Projected Constant Prepayment Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Servicing asset, measurement input 0.097 0.118
Level 3 | Recurring | Servicing Rights | Weighted Average | Discount Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Servicing asset, measurement input 0.098 0.098
Level 3 | Recurring | Servicing Rights | Weighted Average | Life (in years)    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Servicing asset, measurement input | year 9.3 7.9
v3.25.2
FAIR VALUE - SCHEDULE OF LOANS HELD-FOR-SALE (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Fair Value Disclosures [Abstract]      
Aggregate fair value $ 10,012 $ 16,482  
Contractual balance 9,870 15,966  
Unrealized gain 142 516  
Interest income 999 769 $ 415
Change in fair value (366) 122 57
Total $ 633 $ 891 $ 472
v3.25.2
FAIR VALUE - SCHEDULE OF ESTIMATED FAIR VALUES OF FINANCIAL INSTRUMENTS AT PERIOD-END (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Financial assets:    
Trading securities $ 649 $ 353
Available-for-sale securities 66,008 141,611
Stock of regulatory agencies 35,163 21,957
Loans held for sale, at fair value 10,012 16,482
Securities borrowed 139,396 67,212
Other assets $ 17,734 $ 106,796
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Financial liabilities:    
Securities loaned $ 139,426 $ 74,177
Accounts payable and other liabilities - derivative instruments 68,498 102,949
Variation margin on centrally-cleared derivatives 55,400 85,200
Interest Rate Swap    
Financial liabilities:    
Variation margin on centrally-cleared derivatives 55,400 85,200
Receivable from FDIC   87,900
Level 1    
Financial assets:    
Cash, cash equivalents and restricted cash 2,176,354 2,185,776
Trading securities 0 0
Available-for-sale securities 0 0
Stock of regulatory agencies 0 0
Loans held for sale, at fair value 0 0
Loans held for sale, lower of cost or fair value   0
Loans held for investment—net 0 0
Securities borrowed 0 0
Customer, broker-dealer and clearing receivables 0 0
Servicing rights 0 0
Other assets 0 0
Financial liabilities:    
Total deposits 0 0
Advances from the Federal Home Loan Bank 0 0
Borrowings, subordinated notes and debentures 0 0
Securities loaned 0 0
Customer, broker-dealer and clearing payables 0 0
Accounts payable and other liabilities - derivative instruments 0 0
Level 2    
Financial assets:    
Cash, cash equivalents and restricted cash 0 0
Trading securities 649 353
Available-for-sale securities 50,439 30,683
Stock of regulatory agencies 35,163 21,957
Loans held for sale, at fair value 10,012 16,482
Loans held for sale, lower of cost or fair value   0
Loans held for investment—net 0 0
Securities borrowed 0 0
Customer, broker-dealer and clearing receivables 0 0
Servicing rights 0 0
Other assets 17,734 106,796
Financial liabilities:    
Total deposits 20,642,953 19,217,281
Advances from the Federal Home Loan Bank 56,934 84,201
Borrowings, subordinated notes and debentures 285,282 302,487
Securities loaned 0 0
Customer, broker-dealer and clearing payables 0 0
Accounts payable and other liabilities - derivative instruments 68,498 102,949
Level 3    
Financial assets:    
Cash, cash equivalents and restricted cash 0 0
Trading securities 0 0
Available-for-sale securities 15,569 110,928
Stock of regulatory agencies 0 0
Loans held for sale, at fair value 0 0
Loans held for sale, lower of cost or fair value   0
Loans held for investment—net 21,288,921 19,209,442
Securities borrowed 138,103 71,480
Customer, broker-dealer and clearing receivables 251,126 249,317
Servicing rights 27,218 28,924
Other assets 0 0
Financial liabilities:    
Total deposits 0 0
Advances from the Federal Home Loan Bank 0 0
Borrowings, subordinated notes and debentures 0 0
Securities loaned 138,698 74,021
Customer, broker-dealer and clearing payables 350,606 301,127
Accounts payable and other liabilities - derivative instruments 0 0
Carrying Amount    
Financial assets:    
Cash, cash equivalents and restricted cash 2,176,354 2,185,776
Trading securities 649 353
Available-for-sale securities 66,008 141,611
Stock of regulatory agencies 35,163 21,957
Loans held for sale, at fair value 10,012 16,482
Loans held for sale, lower of cost or fair value   0
Loans held for investment—net 21,049,610 19,231,385
Securities borrowed 139,396 67,212
Customer, broker-dealer and clearing receivables 252,720 240,028
Servicing rights 27,218 28,924
Other assets 17,734 106,796
Financial liabilities:    
Total deposits 20,829,543 19,359,217
Advances from the Federal Home Loan Bank 60,000 90,000
Borrowings, subordinated notes and debentures 312,671 325,679
Securities loaned 139,426 74,177
Customer, broker-dealer and clearing payables 350,606 301,127
Accounts payable and other liabilities - derivative instruments 68,498 102,949
Total Fair Value    
Financial assets:    
Cash, cash equivalents and restricted cash 2,176,354 2,185,776
Trading securities 649 353
Available-for-sale securities 66,008 141,611
Stock of regulatory agencies 35,163 21,957
Loans held for sale, at fair value 10,012 16,482
Loans held for sale, lower of cost or fair value   0
Loans held for investment—net 21,288,921 19,209,442
Securities borrowed 138,103 71,480
Customer, broker-dealer and clearing receivables 251,126 249,317
Servicing rights 27,218 28,924
Other assets 17,734 106,796
Financial liabilities:    
Total deposits 20,642,953 19,217,281
Advances from the Federal Home Loan Bank 56,934 84,201
Borrowings, subordinated notes and debentures 285,282 302,487
Securities loaned 138,698 74,021
Customer, broker-dealer and clearing payables 350,606 301,127
Accounts payable and other liabilities - derivative instruments $ 68,498 $ 102,949
v3.25.2
AVAILABLE-FOR-SALE SECURITIES - SCHEDULE OF AMORTIZED COST, CARRYING AMOUNT AND FAIR VALUE DISCLOSURES (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 66,306 $ 144,281
Unrealized Gains 1,559 921
Unrealized Losses (1,857) (3,591)
Available-for-sale securities 66,008 141,611
Agency    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 48,229 29,835
Unrealized Gains 327 83
Unrealized Losses (1,799) (2,659)
Available-for-sale securities 46,757 27,259
Available-for-Sale Securities: Non-Agency MBS    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 14,395 110,658
Unrealized Gains 1,232 838
Unrealized Losses (58) (568)
Available-for-sale securities 15,569 110,928
Total mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 62,624 140,493
Unrealized Gains 1,559 921
Unrealized Losses (1,857) (3,227)
Available-for-sale securities 62,326 138,187
Municipal    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 3,682 3,788
Unrealized Gains 0 0
Unrealized Losses 0 (364)
Available-for-sale securities $ 3,682 $ 3,424
v3.25.2
AVAILABLE-FOR-SALE SECURITIES - NARRATIVE (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Marketable Securities [Line Items]      
Available-for-sale securities, credit losses $ 0.0 $ 0.0 $ 0.0
Allowance for credit losses, available-for-sale securities 0.0 0.0  
Proceeds from sale of available-for-sale securities 0.0 0.0  
Asset Pledged as Collateral      
Marketable Securities [Line Items]      
Available-for-sale securities pledged as collateral $ 0.6 $ 0.8  
v3.25.2
AVAILABLE-FOR-SALE SECURITIES - SCHEDULE OF UNREALIZED LOSS ON INVESTMENTS (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Fair Value    
Less Than 12 Months $ 2,246 $ 2,659
More Than 12 Months 26,907 101,086
Total 29,153 103,745
Gross Unrealized Losses    
Less Than 12 Months (43) (31)
More Than 12 Months (1,814) (3,560)
Total (1,857) (3,591)
Agency MBS    
Fair Value    
Less Than 12 Months 108 2,644
More Than 12 Months 16,212 19,298
Total 16,320 21,942
Gross Unrealized Losses    
Less Than 12 Months 0 (31)
More Than 12 Months (1,799) (2,628)
Total (1,799) (2,659)
Available-for-Sale Securities: Non-Agency MBS    
Fair Value    
Less Than 12 Months 2,138 15
More Than 12 Months 10,695 78,364
Total 12,833 78,379
Gross Unrealized Losses    
Less Than 12 Months (43) 0
More Than 12 Months (15) (568)
Total (58) (568)
Total MBS    
Fair Value    
Less Than 12 Months 2,246 2,659
More Than 12 Months 26,907 97,662
Total 29,153 100,321
Gross Unrealized Losses    
Less Than 12 Months (43) (31)
More Than 12 Months (1,814) (3,196)
Total (1,857) (3,227)
Municipal    
Fair Value    
Less Than 12 Months 0 0
More Than 12 Months 0 3,424
Total 0 3,424
Gross Unrealized Losses    
Less Than 12 Months 0 0
More Than 12 Months 0 (364)
Total $ 0 $ (364)
v3.25.2
AVAILABLE-FOR-SALE SECURITIES- SCHEDULE OF INVESTMENTS CLASSIFIED BY CONTRACTUAL MATURITY DATE (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Available-for-sale—Fair value    
Amortized Cost $ 66,306 $ 144,281
Available-for-sale—Amortized cost    
Total Amount 66,306  
Due Within One Year 22,512  
Due after One but within Five Years 31,195  
Due after Five but within Ten Years 6,361  
Due After Ten Years 6,238  
Available-for-sale—Fair value    
Available-for-sale—Fair value    
Amortized Cost 66,008  
Due Within One Year 22,375  
Due after One but within Five Years 30,806  
Due after Five but within Ten Years 6,416  
Due After Ten Years 6,411  
Agency    
Available-for-sale—Fair value    
Amortized Cost 48,229 29,835
Due Within One Year 11,537  
Due after One but within Five Years 29,753  
Due after Five but within Ten Years 5,158  
Due After Ten Years 1,781  
Securities – Non-agency MBS    
Available-for-sale—Fair value    
Amortized Cost 14,395 110,658
Due Within One Year 10,975  
Due after One but within Five Years 1,442  
Due after Five but within Ten Years 1,203  
Due After Ten Years 775  
Total MBS    
Available-for-sale—Fair value    
Amortized Cost 62,624 140,493
Due Within One Year 22,512  
Due after One but within Five Years 31,195  
Due after Five but within Ten Years 6,361  
Due After Ten Years 2,556  
Municipal    
Available-for-sale—Fair value    
Amortized Cost 3,682 $ 3,788
Due Within One Year 0  
Due after One but within Five Years 0  
Due after Five but within Ten Years 0  
Due After Ten Years $ 3,682  
v3.25.2
LOANS & ALLOWANCE FOR CREDIT LOSSES - NARRATIVE (Details)
 12 Months Ended
Dec. 07, 2023
loanPortfolio
Jun. 30, 2025
USD ($)
segment
Jun. 30, 2024
USD ($)
Financing Receivable, Impaired [Line Items]      
Number of loan portfolio segments 2 5  
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]   Other assets Other assets
Accrued interest receivable   $ 109,600,000 $ 119,800,000
Advances, collateral pledged   4,284,700,000 4,942,800,000
FRBSF and FRB, loans pledged   8,227,700,000 8,197,200,000
Nonaccrual loans, without an allowance   0 0
Interest recognized on performing loans temporarily modified as TDRs   0 0
Loans past due ninety days or more and still accruing   0 20,200,000
Mortgage loans in process of foreclosure, amount   $ 30,400,000 $ 20,100,000
California | Financing Receivable | Geographic Concentration Risk | Single Family - Mortgage & Warehouse      
Financing Receivable, Impaired [Line Items]      
Concentration risk percentage   70.50% 69.30%
California | Financing Receivable | Geographic Concentration Risk | Multifamily Loan Category      
Financing Receivable, Impaired [Line Items]      
Concentration risk percentage   48.50% 49.60%
New York | Financing Receivable | Geographic Concentration Risk | Single Family - Mortgage & Warehouse      
Financing Receivable, Impaired [Line Items]      
Concentration risk percentage   8.60% 11.70%
New York | Financing Receivable | Geographic Concentration Risk | Multifamily Loan Category      
Financing Receivable, Impaired [Line Items]      
Concentration risk percentage   37.10% 38.90%
New York | Financing Receivable | Geographic Concentration Risk | Commercial Real Estate      
Financing Receivable, Impaired [Line Items]      
Concentration risk percentage   36.80% 34.20%
FLORIDA | Financing Receivable | Geographic Concentration Risk | Commercial Real Estate      
Financing Receivable, Impaired [Line Items]      
Concentration risk percentage   19.50% 10.40%
TEXAS | Financing Receivable | Geographic Concentration Risk | Commercial Real Estate      
Financing Receivable, Impaired [Line Items]      
Concentration risk percentage   10.20%  
v3.25.2
LOANS & ALLOWANCE FOR CREDIT LOSSES - SCHEDULE OF COMPOSITION OF LOAN PORTFOLIO (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total $ 21,551,697 $ 19,802,811    
Allowance for credit losses - loans (290,049) (260,542) $ (166,680) $ (148,617)
Unaccreted premiums (discounts) and loan fees (212,038) (310,884)    
Total net loans 21,049,610 19,231,385    
Single Family - Mortgage & Warehouse        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total 4,395,278 4,178,832    
Allowance for credit losses - loans (12,111) (16,943) (17,503) (19,670)
Multifamily and Commercial Mortgage        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total 2,940,739 3,861,931    
Allowance for credit losses - loans (26,240) (70,771) (16,848) (14,655)
Commercial Real Estate        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total 6,937,187 6,088,622    
Allowance for credit losses - loans (113,804) (87,780) (72,755) (69,339)
Commercial & Industrial - Non-RE        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total 6,795,497 5,241,766    
Allowance for credit losses - loans (121,639) (76,032) (46,347) (30,808)
Auto & Consumer        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Total 482,996 431,660    
Allowance for credit losses - loans $ (16,255) $ (9,016) $ (13,227) $ (14,145)
v3.25.2
LOANS & ALLOWANCE FOR CREDIT LOSSES - SCHEDULE OF COMPONENTS OF THE PROVISION FOR CREDIT LOSSES (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total provision for credit losses $ 55,745 $ 32,500 $ 24,250
Provision for credit losses - loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total provision for credit losses 55,077 32,750 24,750
Provision for credit losses - unfunded lending commitments      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Total provision for credit losses $ 668 $ (250) $ (500)
v3.25.2
LOANS & ALLOWANCE FOR CREDIT LOSSES - SCHEDULE OF ACTIVITY FOR ALLOWANCE FOR CREDIT LOSSES-LOANS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance $ 260,542 $ 166,680 $ 148,617
Allowance for credit losses at acquisition of PCD loans   70,122  
Provision (benefit) for credit losses - loans 55,745 32,500 24,250
Charge-offs (30,306) (11,909) (9,456)
Recoveries 4,736 2,899 2,769
Ending balance 290,049 260,542 166,680
Provision (benefit) for credit losses - loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Provision (benefit) for credit losses - loans 55,077 32,750 24,750
Single Family - Mortgage & Warehouse      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 16,943 17,503 19,670
Allowance for credit losses at acquisition of PCD loans   0  
Charge-offs (3,036) (172) (314)
Recoveries 62 101 449
Ending balance 12,111 16,943 17,503
Single Family - Mortgage & Warehouse | Provision (benefit) for credit losses - loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Provision (benefit) for credit losses - loans (1,858) (489) (2,302)
Multifamily and Commercial Mortgage      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 70,771 16,848 14,655
Allowance for credit losses at acquisition of PCD loans   58,997  
Charge-offs (8,565) (640) 0
Recoveries 689 0 0
Ending balance 26,240 70,771 16,848
Multifamily and Commercial Mortgage | Provision (benefit) for credit losses - loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Provision (benefit) for credit losses - loans (36,655) (4,434) 2,193
Commercial Real Estate      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 87,780 72,755 69,339
Allowance for credit losses at acquisition of PCD loans   11,125  
Charge-offs (165) 0 0
Recoveries 255 0 0
Ending balance 113,804 87,780 72,755
Commercial Real Estate | Provision (benefit) for credit losses - loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Provision (benefit) for credit losses - loans 25,934 3,900 3,416
Commercial & Industrial - Non-RE      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 76,032 46,347 30,808
Allowance for credit losses at acquisition of PCD loans   0  
Charge-offs (8,825) (84) 0
Recoveries 0 0 18
Ending balance 121,639 76,032 46,347
Commercial & Industrial - Non-RE | Provision (benefit) for credit losses - loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Provision (benefit) for credit losses - loans 54,432 29,769 15,521
Auto & Consumer      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 9,016 13,227 14,145
Allowance for credit losses at acquisition of PCD loans   0  
Charge-offs (9,715) (11,013) (9,142)
Recoveries 3,730 2,798 2,302
Ending balance 16,255 9,016 13,227
Auto & Consumer | Provision (benefit) for credit losses - loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Provision (benefit) for credit losses - loans $ 13,224 $ 4,004 $ 5,922
v3.25.2
LOANS & ALLOWANCE FOR CREDIT LOSSES - SCHEDULE OF ALLOWANCE FOR LOAN LOSS AND RESERVE FOR UNFUNDED LOAN COMMITMENTS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward]      
Beginning balance $ 10,223 $ 10,473 $ 10,973
Provision (Benefit) 668 (250) (500)
Ending balance $ 10,891 $ 10,223 $ 10,473
v3.25.2
LOANS & ALLOWANCE FOR CREDIT LOSSES - SCHEDULE OF REAL ESTATE LOANS, LTV RATIO (Details)
Jun. 30, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Weighted-Average LTV 46.20%
Median LTV 51.00%
Single Family - Mortgage & Warehouse  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Weighted-Average LTV 56.70%
Median LTV 53.50%
Multifamily and Commercial Mortgage  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Weighted-Average LTV 49.40%
Median LTV 47.90%
Commercial Real Estate  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Weighted-Average LTV 45.40%
Median LTV 45.70%
v3.25.2
LOANS & ALLOWANCE FOR CREDIT LOSSES - SCHEDULE OF UNPAID PRINCIPAL BALANCE FOR PERFORMING AND NONACCRUAL (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Financing Receivable, Credit Quality Indicator [Line Items]    
Total $ 21,551,697 $ 19,802,811
Nonaccrual loans to total loans 0.79% 0.57%
Single Family - Mortgage & Warehouse    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total $ 4,395,278 $ 4,178,832
Multifamily and Commercial Mortgage    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 2,940,739 3,861,931
Commercial Real Estate    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 6,937,187 6,088,622
Commercial & Industrial - Non-RE    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 6,795,497 5,241,766
Auto & Consumer    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 482,996 431,660
Performing    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 21,381,311 19,689,452
Performing | Single Family - Mortgage & Warehouse    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 4,351,082 4,133,121
Performing | Multifamily and Commercial Mortgage    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 2,907,702 3,826,877
Performing | Commercial Real Estate    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 6,907,964 6,062,520
Performing | Commercial & Industrial - Non-RE    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 6,733,693 5,237,746
Performing | Auto & Consumer    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 480,870 429,188
Nonaccrual    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 170,386 113,359
Nonaccrual | Single Family - Mortgage & Warehouse    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 44,196 45,711
Nonaccrual | Multifamily and Commercial Mortgage    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 33,037 35,054
Nonaccrual | Commercial Real Estate    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 29,223 26,102
Nonaccrual | Commercial & Industrial - Non-RE    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total 61,804 4,020
Nonaccrual | Auto & Consumer    
Financing Receivable, Credit Quality Indicator [Line Items]    
Total $ 2,126 $ 2,472
v3.25.2
LOANS & ALLOWANCE FOR CREDIT LOSSES - SCHEDULE OF LOANS BY AMORTIZED COST BASIS BY YEAR OF ORIGINATION AND CREDIT QUALITY INDICATOR (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 - 2024 $ 5,412,403 $ 3,568,319
2024 - 2023 2,547,925 3,368,194
2023 - 2022 2,175,575 4,352,535
2022 - 2021 2,911,537 1,433,787
2021 - 2020 1,098,514 904,402
Prior 1,782,450 1,732,247
Revolving Loans 5,623,293 4,443,327
Total 21,551,697 19,802,811
Gross charge-offs    
Gross charge-offs 2025 - 2024 589 202
Gross charge-offs 2024 - 2023 1,528 3,471
Gross charge-offs 2023 - 2022 3,332 5,212
Gross charge-offs 2022 - 2021 3,910 1,556
Gross charge-offs 2021 - 2020 6,739 943
Prior 12,208 525
Revolving Loans 2,000 0
Total $ 30,306 $ 11,909
As a % of total gross loans    
2025 - 2024 25.10% 18.00%
2024 - 2023 11.80% 17.10%
2023 - 2022 10.10% 22.00%
2022 - 2021 13.50% 7.20%
2021 - 2020 5.10% 4.60%
Prior 8.30% 8.70%
Revolving Loans 26.10% 22.40%
Total 100.00% 100.00%
Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 - 2024 $ 5,406,078 $ 3,537,144
2024 - 2023 2,490,906 3,282,691
2023 - 2022 2,148,488 4,066,317
2022 - 2021 2,731,588 1,391,702
2021 - 2020 1,071,097 832,953
Prior 1,645,380 1,611,156
Revolving Loans 5,489,416 4,418,889
Total 20,982,953 19,140,852
Special Mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 - 2024 2,424 31,033
2024 - 2023 46,252 31,151
2023 - 2022 8,948 99,288
2022 - 2021 3,410 20,137
2021 - 2020 12,662 15,602
Prior 44,886 37,211
Revolving Loans 19,990 5,349
Total 138,572 239,771
Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 - 2024 3,901 142
2024 - 2023 10,767 54,352
2023 - 2022 18,139 186,930
2022 - 2021 166,539 21,948
2021 - 2020 14,755 55,847
Prior 92,184 83,880
Revolving Loans 113,887 19,089
Total 420,172 422,188
Doubtful    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 - 2024 0 0
2024 - 2023 0 0
2023 - 2022 0 0
2022 - 2021 10,000 0
2021 - 2020 0 0
Prior 0 0
Revolving Loans 0 0
Total 10,000 0
Single Family - Mortgage & Warehouse    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 - 2024 752,486 522,822
2024 - 2023 270,245 590,343
2023 - 2022 456,692 1,231,447
2022 - 2021 1,077,539 487,797
2021 - 2020 446,326 312,358
Prior 782,617 777,287
Revolving Loans 609,373 256,778
Total 4,395,278 4,178,832
Gross charge-offs    
Gross charge-offs 2025 - 2024 0 0
Gross charge-offs 2024 - 2023 340 0
Gross charge-offs 2023 - 2022 0 0
Gross charge-offs 2022 - 2021 400 0
Gross charge-offs 2021 - 2020 0 0
Prior 2,296 172
Revolving Loans 0 0
Total 3,036 172
Single Family - Mortgage & Warehouse | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 - 2024 750,357 491,822
2024 - 2023 269,165 590,060
2023 - 2022 451,330 1,200,230
2022 - 2021 1,067,144 487,132
2021 - 2020 434,352 291,047
Prior 715,620 720,049
Revolving Loans 599,406 256,778
Total 4,287,374 4,037,118
Single Family - Mortgage & Warehouse | Special Mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 - 2024 2,129 31,000
2024 - 2023 1,080 0
2023 - 2022 5,362 24,489
2022 - 2021 3,140 665
2021 - 2020 5,254 6,591
Prior 26,604 26,873
Revolving Loans 9,967 0
Total 53,536 89,618
Single Family - Mortgage & Warehouse | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 - 2024 0 0
2024 - 2023 0 283
2023 - 2022 0 6,728
2022 - 2021 7,255 0
2021 - 2020 6,720 14,720
Prior 40,393 30,365
Revolving Loans 0 0
Total 54,368 52,096
Single Family - Mortgage & Warehouse | Doubtful    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 - 2024 0 0
2024 - 2023 0 0
2023 - 2022 0 0
2022 - 2021 0 0
2021 - 2020 0 0
Prior 0 0
Revolving Loans 0 0
Total 0 0
Multifamily and Commercial Mortgage    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 - 2024 75,755 36,058
2024 - 2023 22,435 742,977
2023 - 2022 644,050 1,052,707
2022 - 2021 872,388 628,284
2021 - 2020 429,938 560,365
Prior 894,723 841,540
Revolving Loans 1,450 0
Total 2,940,739 3,861,931
Gross charge-offs    
Gross charge-offs 2025 - 2024 0 0
Gross charge-offs 2024 - 2023 375 0
Gross charge-offs 2023 - 2022 86 0
Gross charge-offs 2022 - 2021 5 0
Gross charge-offs 2021 - 2020 0 640
Prior 8,099 0
Revolving Loans 0 0
Total 8,565 640
Multifamily and Commercial Mortgage | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 - 2024 75,755 36,058
2024 - 2023 22,435 700,163
2023 - 2022 632,120 994,004
2022 - 2021 859,189 595,299
2021 - 2020 422,683 510,341
Prior 842,787 811,184
Revolving Loans 1,450 0
Total 2,856,419 3,647,049
Multifamily and Commercial Mortgage | Special Mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 - 2024 0 0
2024 - 2023 0 29,325
2023 - 2022 3,400 46,194
2022 - 2021 0 17,478
2021 - 2020 7,255 9,011
Prior 18,272 10,277
Revolving Loans 0 0
Total 28,927 112,285
Multifamily and Commercial Mortgage | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 - 2024 0 0
2024 - 2023 0 13,489
2023 - 2022 8,530 12,509
2022 - 2021 13,199 15,507
2021 - 2020 0 41,013
Prior 33,664 20,079
Revolving Loans 0 0
Total 55,393 102,597
Multifamily and Commercial Mortgage | Doubtful    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 - 2024 0 0
2024 - 2023 0 0
2023 - 2022 0 0
2022 - 2021 0 0
2021 - 2020 0 0
Prior 0 0
Revolving Loans 0 0
Total 0 0
Commercial Real Estate    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 - 2024 3,135,530 1,952,001
2024 - 2023 1,342,372 1,424,999
2023 - 2022 679,875 1,527,795
2022 - 2021 585,142 226,061
2021 - 2020 157,581 7,741
Prior 61,937 83,339
Revolving Loans 974,750 866,686
Total 6,937,187 6,088,622
Gross charge-offs    
Gross charge-offs 2025 - 2024 0 0
Gross charge-offs 2024 - 2023 0 0
Gross charge-offs 2023 - 2022 0 0
Gross charge-offs 2022 - 2021 165 0
Gross charge-offs 2021 - 2020 0 0
Prior 0 0
Revolving Loans 0 0
Total 165 0
Commercial Real Estate | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 - 2024 3,135,530 1,952,001
2024 - 2023 1,342,372 1,419,399
2023 - 2022 679,875 1,456,643
2022 - 2021 575,642 221,061
2021 - 2020 152,581 7,741
Prior 47,214 53,000
Revolving Loans 960,145 866,686
Total 6,893,359 5,976,531
Commercial Real Estate | Special Mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 - 2024 0 0
2024 - 2023 0 0
2023 - 2022 0 27,452
2022 - 2021 0 0
2021 - 2020 0 0
Prior 0 0
Revolving Loans 0
Total 0 27,452
Commercial Real Estate | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 - 2024 0 0
2024 - 2023 0 5,600
2023 - 2022 0 43,700
2022 - 2021 9,500 5,000
2021 - 2020 5,000 0
Prior 14,723 30,339
Revolving Loans 14,605 0
Total 43,828 84,639
Commercial Real Estate | Doubtful    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 - 2024 0 0
2024 - 2023 0 0
2023 - 2022 0 0
2022 - 2021 0 0
2021 - 2020 0 0
Prior 0 0
Revolving Loans 0 0
Total 0 0
Commercial & Industrial - Non-RE    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 - 2024 1,234,865 991,497
2024 - 2023 865,186 494,500
2023 - 2022 319,287 361,857
2022 - 2021 266,163 47,772
2021 - 2020 40,976 10,422
Prior 31,300 15,855
Revolving Loans 4,037,720 3,319,863
Total 6,795,497 5,241,766
Gross charge-offs    
Gross charge-offs 2025 - 2024 0 0
Gross charge-offs 2024 - 2023 0 0
Gross charge-offs 2023 - 2022 883 0
Gross charge-offs 2022 - 2021 0 0
Gross charge-offs 2021 - 2020 5,942 0
Prior 0 84
Revolving Loans 2,000 0
Total 8,825 84
Commercial & Industrial - Non-RE | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 - 2024 1,231,118 991,497
2024 - 2023 809,347 458,454
2023 - 2022 310,043 238,397
2022 - 2021 120,385 44,923
2021 - 2020 38,397 10,422
Prior 28,311 12,867
Revolving Loans 3,928,415 3,295,425
Total 6,466,016 5,051,985
Commercial & Industrial - Non-RE | Special Mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 - 2024 0 0
2024 - 2023 45,120 1,613
2023 - 2022 0 731
2022 - 2021 0 1,818
2021 - 2020 93 0
Prior 0 0
Revolving Loans 10,023 5,349
Total 55,236 9,511
Commercial & Industrial - Non-RE | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 - 2024 3,747 0
2024 - 2023 10,719 34,433
2023 - 2022 9,244 122,729
2022 - 2021 135,778 1,031
2021 - 2020 2,486 0
Prior 2,989 2,988
Revolving Loans 99,282 19,089
Total 264,245 180,270
Commercial & Industrial - Non-RE | Doubtful    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 - 2024 0 0
2024 - 2023 0 0
2023 - 2022 0 0
2022 - 2021 10,000 0
2021 - 2020 0 0
Prior 0 0
Revolving Loans 0 0
Total 10,000 0
Auto & Consumer    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 - 2024 213,767 65,941
2024 - 2023 47,687 115,375
2023 - 2022 75,671 178,729
2022 - 2021 110,305 43,873
2021 - 2020 23,693 13,516
Prior 11,873 14,226
Revolving Loans 0 0
Total 482,996 431,660
Gross charge-offs    
Gross charge-offs 2025 - 2024 589 202
Gross charge-offs 2024 - 2023 813 3,471
Gross charge-offs 2023 - 2022 2,363 5,212
Gross charge-offs 2022 - 2021 3,340 1,556
Gross charge-offs 2021 - 2020 797 303
Prior 1,813 269
Revolving Loans 0 0
Total 9,715 11,013
Auto & Consumer | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 - 2024 213,318 65,766
2024 - 2023 47,587 114,615
2023 - 2022 75,120 177,043
2022 - 2021 109,228 43,287
2021 - 2020 23,084 13,402
Prior 11,448 14,056
Revolving Loans 0 0
Total 479,785 428,169
Auto & Consumer | Special Mention    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 - 2024 295 33
2024 - 2023 52 213
2023 - 2022 186 422
2022 - 2021 270 176
2021 - 2020 60 0
Prior 10 61
Revolving Loans 0 0
Total 873 905
Auto & Consumer | Substandard    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 - 2024 154 142
2024 - 2023 48 547
2023 - 2022 365 1,264
2022 - 2021 807 410
2021 - 2020 549 114
Prior 415 109
Revolving Loans 0 0
Total 2,338 2,586
Auto & Consumer | Doubtful    
Financing Receivable, Credit Quality Indicator [Line Items]    
2025 - 2024 0 0
2024 - 2023 0 0
2023 - 2022 0 0
2022 - 2021 0 0
2021 - 2020 0 0
Prior 0 0
Revolving Loans 0 0
Total $ 0 $ 0
v3.25.2
LOANS & ALLOWANCE FOR CREDIT LOSSES -SCHEDULE OF PAST DUE LOANS AND LEASES (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Financing Receivable, Past Due [Line Items]    
Total $ 21,551,697 $ 19,802,811
As a % of total gross loans 100.00% 100.00%
Current    
Financing Receivable, Past Due [Line Items]    
Total $ 21,355,691 $ 19,555,332
As a % of total gross loans 99.09% 98.75%
30-59 Days    
Financing Receivable, Past Due [Line Items]    
Total $ 52,976 $ 64,105
As a % of total gross loans 0.25% 0.33%
60-89 Days    
Financing Receivable, Past Due [Line Items]    
Total $ 24,924 $ 53,901
As a % of total gross loans 0.12% 0.27%
90+ Days    
Financing Receivable, Past Due [Line Items]    
Total $ 118,106 $ 129,473
As a % of total gross loans 0.55% 0.65%
Single Family - Mortgage & Warehouse    
Financing Receivable, Past Due [Line Items]    
Total $ 4,395,278 $ 4,178,832
Single Family - Mortgage & Warehouse | Current    
Financing Receivable, Past Due [Line Items]    
Total 4,322,681 4,070,186
Single Family - Mortgage & Warehouse | 30-59 Days    
Financing Receivable, Past Due [Line Items]    
Total 13,302 46,387
Single Family - Mortgage & Warehouse | 60-89 Days    
Financing Receivable, Past Due [Line Items]    
Total 16,395 18,401
Single Family - Mortgage & Warehouse | 90+ Days    
Financing Receivable, Past Due [Line Items]    
Total 42,900 43,858
Multifamily and Commercial Mortgage    
Financing Receivable, Past Due [Line Items]    
Total 2,940,739 3,861,931
Multifamily and Commercial Mortgage | Current    
Financing Receivable, Past Due [Line Items]    
Total 2,870,972 3,795,387
Multifamily and Commercial Mortgage | 30-59 Days    
Financing Receivable, Past Due [Line Items]    
Total 36,649 13,074
Multifamily and Commercial Mortgage | 60-89 Days    
Financing Receivable, Past Due [Line Items]    
Total 549 8,554
Multifamily and Commercial Mortgage | 90+ Days    
Financing Receivable, Past Due [Line Items]    
Total 32,569 44,916
Commercial Real Estate    
Financing Receivable, Past Due [Line Items]    
Total 6,937,187 6,088,622
Commercial Real Estate | Current    
Financing Receivable, Past Due [Line Items]    
Total 6,900,904 6,024,470
Commercial Real Estate | 30-59 Days    
Financing Receivable, Past Due [Line Items]    
Total 0 0
Commercial Real Estate | 60-89 Days    
Financing Receivable, Past Due [Line Items]    
Total 7,060 25,950
Commercial Real Estate | 90+ Days    
Financing Receivable, Past Due [Line Items]    
Total 29,223 38,202
Commercial & Industrial - Non-RE    
Financing Receivable, Past Due [Line Items]    
Total 6,795,497 5,241,766
Commercial & Industrial - Non-RE | Current    
Financing Receivable, Past Due [Line Items]    
Total 6,783,440 5,240,734
Commercial & Industrial - Non-RE | 30-59 Days    
Financing Receivable, Past Due [Line Items]    
Total 0 0
Commercial & Industrial - Non-RE | 60-89 Days    
Financing Receivable, Past Due [Line Items]    
Total 0 0
Commercial & Industrial - Non-RE | 90+ Days    
Financing Receivable, Past Due [Line Items]    
Total 12,057 1,032
Auto & Consumer    
Financing Receivable, Past Due [Line Items]    
Total 482,996 431,660
Auto & Consumer | Current    
Financing Receivable, Past Due [Line Items]    
Total 477,694 424,555
Auto & Consumer | 30-59 Days    
Financing Receivable, Past Due [Line Items]    
Total 3,025 4,644
Auto & Consumer | 60-89 Days    
Financing Receivable, Past Due [Line Items]    
Total 920 996
Auto & Consumer | 90+ Days    
Financing Receivable, Past Due [Line Items]    
Total $ 1,357 $ 1,465
v3.25.2
LOANS & ALLOWANCE FOR CREDIT LOSSES - SCHEDULE OF RELATED PARTY LOANS COLLATERALIZED BY REAL PROPERTY (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Financing Receivable, Allowance for Credit Loss [Line Items]    
Outstanding loan balance $ 21,049,610 $ 19,231,385
Loans originated and funded 5,412,403 3,568,319
Affiliated Entity    
Financing Receivable, Allowance for Credit Loss [Line Items]    
Outstanding loan balance 29,146 29,673
Loans originated and funded 372 1,044
Principal repayments $ 899 $ 552
v3.25.2
DERIVATIVES - SCHEDULE OF DERIVATIVE INSTRUMENTS (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Derivative [Line Items]    
Notional Amount $ 3,170,591 $ 2,435,874
Derivative Assets 17,734 106,796
Derivative Liabilities 68,498 102,949
Variation margin on centrally-cleared derivatives 55,400 85,200
Interest rate contracts | Designated as Hedging Instrument    
Derivative [Line Items]    
Notional Amount 400,000 0
Derivative Assets 1,950 0
Derivative Liabilities 0 0
Interest rate contracts | Not Designated as Hedging Instrument    
Derivative [Line Items]    
Notional Amount 2,761,021 2,435,874
Derivative Assets 15,782 106,796
Derivative Liabilities 68,427 102,949
Foreign exchange contracts | Not Designated as Hedging Instrument    
Derivative [Line Items]    
Notional Amount 9,570 0
Derivative Assets 2 0
Derivative Liabilities 71 0
Interest Rate Swap    
Derivative [Line Items]    
Variation margin on centrally-cleared derivatives $ 55,400 85,200
Receivable from FDIC   $ 87,900
v3.25.2
DERIVATIVES - SCHEDULE OF CASH FLOW HEDGE (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Derivative [Line Items]      
Amounts recorded in OCI $ 5,448 $ 0 $ 0
Amounts reclassified from AOCI to income (3,749) 0 0
Total change in OCI for period 1,699 0 0
Cash Flow Hedging | Designated as Hedging Instrument      
Derivative [Line Items]      
Amounts recorded in OCI 5,448 0 0
Amounts reclassified from AOCI to income (3,749) $ 0 0
Total change in OCI for period $ 1,699   $ 0
v3.25.2
DERIVATIVES - NARRATIVE (Details) - Cash Flow Hedging - Designated as Hedging Instrument
$ in Millions
 12 Months Ended
Jun. 30, 2025
USD ($)
Derivative [Line Items]  
Pre-tax net gain $ 2.2
Maximum length of time hedged (in years) 2 years 3 months 18 days
v3.25.2
DERIVATIVES - SCHEDULE OF GAINS (LOSSES) OF DERIVATIVES INSTRUMENTS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Derivative [Line Items]      
Derivative Gain Loss Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag Mortgage banking and servicing rights income Mortgage banking and servicing rights income Mortgage banking and servicing rights income
Banking and service fees | Interest rate contracts | Not Designated as Hedging Instrument      
Derivative [Line Items]      
Derivative, gain (loss) on derivative, net $ (2,463) $ 470 $ 803
Banking and service fees | Foreign exchange contracts | Not Designated as Hedging Instrument      
Derivative [Line Items]      
Derivative, gain (loss) on derivative, net (92) 0 0
Mortgage banking and servicing rights income | Interest rate contracts | Not Designated as Hedging Instrument      
Derivative [Line Items]      
Derivative, gain (loss) on derivative, net $ (431) $ 782 $ 916
v3.25.2
OFFSETTING OF DERIVATIVES AND SECURITIES FINANCING AGREEMENTS (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Securities borrowed    
Securities borrowed, Gross Assets / Liabilities $ 139,396 $ 67,212
Securities borrowed, Amounts Offset 0 0
Security borrowed, Net Balance Sheet Amount 139,396 67,212
Securities borrowed, Amounts Not Offset 139,396 67,212
Security borrowed, Net Assets / Liabilities 0 0
Other Assets — Derivative Instruments    
Other Assets — Derivative Assets, Gross Assets / Liabilities 17,734 106,796
Other Assets — Derivative Assets, Amounts Offset 0 0
Other Assets — Derivative Assets, Net Balance Sheet Amount 17,734 106,796
Other Assets — Derivative Assets, Amounts Not Offset 11,174 18,524
Other Assets — Derivative Assets, Net Assets / Liabilities 6,560 88,272
Securities loaned    
Securities loaned, Gross Assets / Liabilities 139,426 74,177
Securities loaned, Amounts Offset 0 0
Security loaned, Net Balance Sheet Amount 139,426 74,177
Securities loaned, Amounts Not Offset 139,426 74,177
Securities loaned, Net Assets / Liabilities 0 0
Accounts payable and other liabilities — derivative instruments    
Accounts Payable and Other Liabilities — Derivative Liabilities, Gross Assets / Liabilities 68,497 102,949
Accounts Payable and Other Liabilities — Derivative Liabilities, Amounts Offset 0 0
Accounts Payable and Other Liabilities — Derivative Liabilities, Net Balance Sheet Amount 68,497 102,949
Accounts Payable and Other Liabilities — Derivative Liabilities, Amounts Not Offset 6,122 414
Accounts Payable and Other Liabilities — Derivative Liabilities, Net Assets / Liabilities 62,375 102,535
Variation margin on centrally-cleared derivatives 55,400 85,200
Interest Rate Swap    
Accounts payable and other liabilities — derivative instruments    
Variation margin on centrally-cleared derivatives 55,400 85,200
Receivable from FDIC   87,900
Interest Rate Swap | Not Designated as Hedging Instrument    
Accounts payable and other liabilities — derivative instruments    
Accounts Payable and Other Liabilities — Derivative Liabilities, Amounts Not Offset 1,300 0
Amounts not offset reflect cash collateral received on other assets $ 6,300 $ 18,100
v3.25.2
CUSTOMER, BROKER-DEALER AND CLEARING RECEIVABLES AND PAYABLES (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Receivables:    
Customers $ 234,875 $ 220,243
Receivable from broker-dealers 14,089 17,885
Securities failed to deliver 3,756 1,900
Total customer, broker-dealer and clearing receivables 252,720 240,028
Payables:    
Customers 329,974 280,620
Payable to broker-dealers 17,315 18,112
Securities failed to receive 3,317 2,395
Total customer, broker-dealer and clearing payables $ 350,606 $ 301,127
v3.25.2
OTHER ASSETS - SCHEDULE OF BANK-OWNED LIFE INSURANCE ACTIVITY (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Bank Owned Life Insurance [Roll Forward]      
Bank-owned life insurance, beginning balance $ 168,774 $ 163,414 $ 160,775
Death benefits     (1,805)
Change in contract value 9,405 5,360 4,444
Additions 100,000    
Bank-owned life insurance, ending balance $ 278,179 $ 168,774 $ 163,414
v3.25.2
OTHER ASSETS - SCHEDULE OF FURNITURE , EQUIPMENT AND SOFTWARE (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Property, Plant and Equipment [Line Items]    
Total $ 238,422 $ 184,575
Less accumulated depreciation and amortization (133,341) (111,956)
Furniture, equipment and software—net 105,081 72,619
Software    
Property, Plant and Equipment [Line Items]    
Total 159,878 134,311
Computer hardware and equipment    
Property, Plant and Equipment [Line Items]    
Total 59,995 32,195
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Total 11,923 11,788
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total $ 6,626 $ 6,281
v3.25.2
OTHER ASSETS - NARRATIVE (Details) - USD ($)
$ in Millions
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Other Assets [Abstract]      
Depreciation, depletion and amortization $ 21.6 $ 16.2 $ 12.2
Operating lease expense $ 11.3 $ 12.4 $ 11.4
v3.25.2
OTHER ASSETS - SCHEDULE OF SUPPLEMENTAL BALANCE SHEET INFORMATION (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Other Assets [Abstract]    
Right-of-use assets $ 53,415 $ 59,989
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Lease liabilities $ 59,116 $ 65,923
Operating Lease, Liability, Statement of Financial Position [Extensible List] Accounts Payable and Accrued Liabilities Accounts Payable and Accrued Liabilities
Weighted-average remaining lease term    
Weighted- average remaining lease term, operating leases (in years) 4 years 8 months 23 days 5 years 7 months 28 days
Weighted-average discount rate    
Weighted-average discount rate, operating leases (in percent) 3.20% 3.09%
v3.25.2
OTHER ASSETS - SCHEDULE OF SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Other Assets [Abstract]      
Cash paid for amounts included in the measurement of lease liabilities for operating leases—operating cash flows $ 13,318 $ 11,821 $ 10,658
v3.25.2
OTHER ASSETS - SCHEDULE OF MATURITIES OF LEASE LIABILITIES (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Other Assets [Abstract]    
Within one year $ 13,828  
After one year and within two years 13,953  
After two years and within three years 12,600  
After three years and within four years 11,125  
After four years within five years 11,068  
After five years 1,354  
Total lease payments 63,928  
Less: amount representing interest (4,812)  
Total lease liability $ 59,116 $ 65,923
v3.25.2
OTHER ASSETS - SCHEDULE OF INCOME AND TAX BENEFITS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Investment Program, Proportional Amortization Method, Applied, Amortization Expense, Statement of Income or Comprehensive Income [Extensible Enumeration] INCOME TAXES INCOME TAXES
Investment Program, Proportional Amortization Method, Elected, Income Tax Credit and Other Income Tax Benefit, after Amortization, Statement of Cash Flows [Extensible Enumeration] INCOME TAXES INCOME TAXES
Investment Program, Proportional Amortization Method, Elected, Income Tax Credit and Other Income Tax Benefit, after Amortization, Statement of Income or Comprehensive Income [Extensible Enumeration] INCOME TAXES INCOME TAXES
Low Income Housing Tax Credits    
Tax credits recognized $ 5,697 $ 3,394
Other tax benefits recognized 1,385 1,466
Amortization (5,998) (3,574)
Net benefit (expense) included in income tax expense 1,084 1,286
Other income (loss) included in banking and service fees 19 2
Net benefit (expense) included in the Consolidated Statements of Income $ 1,103 $ 1,288
v3.25.2
OTHER ASSETS - SCHEDULE OF INVESTMENTS ON BALANCE SHEETS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
Investment Proportional Amortization Method Elected Statement Of Financial Position Extensible Enumeration Not Disclosed Flag LIHTC investments LIHTC investments
Low Income Housing Tax Credits    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
LIHTC investments $ 84,875 $ 65,873
Low Income Housing Tax Credits | Unfunded Commitment    
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]    
LIHTC unfunded commitments $ 47,381 $ 40,617
v3.25.2
GOODWILL AND INTANGIBLE ASSETS - SCHEDULE OF ACTIVITY IN GOODWILL BALANCE (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Goodwill [Roll Forward]    
Goodwill, beginning balance $ 97,673 $ 97,673
Goodwill from acquisitions 0 0
Goodwill, ending balance 97,673 97,673
Goodwill impairment $ 0 $ 0
v3.25.2
GOODWILL AND INTANGIBLE ASSETS - SCHEDULE OF ACQUIRED INTANGIBLE ASSETS (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Finite-Lived Intangible Assets [Line Items]    
Accumulated Amortization $ 65,237 $ 57,829
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Gross Carrying Amount 102,066 101,926
Accumulated Amortization 65,237 57,829
Net Carrying Amount 36,829 44,097
Trademark    
Indefinite-lived Intangible Assets [Line Items]    
Gross Carrying Amount 518 378
Covenant not to compete    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 1,387 1,387
Accumulated Amortization 1,369 1,258
Net Carrying Amount 18 129
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Accumulated Amortization 1,369 1,258
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 50,810 50,810
Accumulated Amortization 21,913 18,453
Net Carrying Amount 28,897 32,357
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Accumulated Amortization 21,913 18,453
Customer deposit intangible    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 13,545 13,545
Accumulated Amortization 11,657 10,569
Net Carrying Amount 1,888 2,976
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Accumulated Amortization 11,657 10,569
Developed technologies    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 34,650 34,650
Accumulated Amortization 29,414 26,833
Net Carrying Amount 5,236 7,817
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Accumulated Amortization 29,414 26,833
Trade name    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 950 950
Accumulated Amortization 710 637
Net Carrying Amount 240 313
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Accumulated Amortization 710 637
Workforce    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 206 206
Accumulated Amortization 174 79
Net Carrying Amount 32 127
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Accumulated Amortization $ 174 $ 79
v3.25.2
GOODWILL AND INTANGIBLE ASSETS - SCHEDULE OF ESTIMATED FUTURE AMORTIZATION EXPENSE OF ACQUIRED INTANGIBLE ASSETS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization of expense of intangible assets $ 7,400 $ 10,800
For the fiscal year ending June 30,    
2026 6,117  
2027 5,821  
2028 5,283  
2029 3,408  
2030 $ 2,915  
v3.25.2
DEPOSITS - SCHEDULE OF DEPOSIT ACCOUNTS (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Deposits [Abstract]    
Non-interest-bearing $ 3,040,696 $ 2,975,631
Interest-bearing demand and savings 16,660,290 15,445,490
Time deposits 1,128,557 938,096
Interest-bearing 17,788,847 16,383,586
Total deposits 20,829,543 19,359,217
Time deposits acquired through broker relationships 1,801,100 1,611,600
Time deposits acquired through broker relationships, $250,000 and under $ 700,000 $ 400,000
v3.25.2
DEPOSITS -SCHEDULE OF SCHEDULED MATURITIES OF TIME DEPOSITS (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Deposits [Abstract]    
Within 12 months $ 961,573  
13 to 24 months 106,869  
25 to 36 months 55,064  
37 to 48 months 1,333  
49 to 60 months 3,718  
Total 1,128,557 $ 938,096
Deposits from principal officers, directors and their affiliates $ 4,600 $ 5,400
v3.25.2
ADVANCES FROM THE FEDERAL HOME LOAN BANK - NARRATIVE (Details)
$ in Millions
 12 Months Ended
Jun. 30, 2025
USD ($)
Advance from Federal Home Loan Bank [Abstract]  
Advances, amount available immediately $ 2,799.2
Advances, amount available with additional collateral $ 4,925.6
Advances, amount available with additional collateral, term (in years) 10 years
v3.25.2
ADVANCES FROM THE FEDERAL HOME LOAN BANK - SCHEDULE OF SCHEDULED MATURITIES (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Amount    
Within one year $ 0 $ 30,000
After one but within two years 0 0
After two but within three years 0 0
After three but within four years 0 0
After four but within five years 60,000
After five years 0 60,000
Total $ 60,000 $ 90,000
Weighted- Average Rate    
Within one year 0.00% 2.82%
After one but within two years 0.00% 0.00%
After two but within three years 0.00% 0.00%
After three but within four years 0.00% 0.00%
After four but within five years 2.07% 0.00%
After five years 0.00% 2.07%
Total 2.07% 2.32%
v3.25.2
BORROWINGS, SUBORDINATED NOTES AND DEBENTURES - SCHEDULE OF BORROWINGS, SUBORDINATED NOTES AND DEBENTURES (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Debt Instrument [Line Items]    
Long-term debt $ 313,555 $ 327,555
Less unamortized issuance costs (884) (1,876)
Total borrowings, subordinated notes and debentures, net of unamortized issuance costs 312,671 325,679
Borrowings from other banks    
Debt Instrument [Line Items]    
Long-term debt 0 0
Subordinated loans    
Debt Instrument [Line Items]    
Long-term debt 7,400 7,400
Total borrowings, subordinated notes and debentures, net of unamortized issuance costs 7,400  
Subordinated notes    
Debt Instrument [Line Items]    
Long-term debt 301,000 315,000
Junior subordinated debentures    
Debt Instrument [Line Items]    
Long-term debt $ 5,155 $ 5,155
v3.25.2
BORROWINGS, SUBORDINATED NOTES AND DEBENTURES - SCHEDULE OF MATURITIES OF BORROWINGS, SUBORDINATED NOTES AND DEBENTURES (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Debt Disclosure [Abstract]    
Within one year $ 7,400  
After one but within two years 0  
After two but within three years 0  
After three but within four years 0  
After four but within five years 0  
After five years 306,155  
Total $ 313,555 $ 327,555
v3.25.2
BORROWINGS, SUBORDINATED NOTES AND DEBENTURES - NARRATIVE (Details)
 1 Months Ended 12 Months Ended 60 Months Ended
Jun. 05, 2025
USD ($)
Sep. 27, 2024
USD ($)
Jul. 15, 2024
USD ($)
Jan. 28, 2019
USD ($)
Dec. 13, 2004
USD ($)
Feb. 28, 2022
USD ($)
Jun. 30, 2025
USD ($)
bank
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2019
USD ($)
Sep. 30, 2030
Sep. 30, 2020
USD ($)
Debt Instrument [Line Items]                        
Borrowings, subordinated notes and debentures             $ 312,671,000 $ 325,679,000        
Repayment of subordinated loans             13,169,000 8,938,000 $ 0      
Gain (loss) on extinguishment             729,000 973,000 $ 0      
Borrowings from other banks                        
Debt Instrument [Line Items]                        
Maximum borrowing capacity             0 0        
Federal Reserve Bank Advances                        
Debt Instrument [Line Items]                        
Short-term borrowings outstanding             0 0        
Maximum borrowing capacity             7,046,500,000 6,976,200,000        
Federal Funds | Borrowings from other banks                        
Debt Instrument [Line Items]                        
Maximum borrowing capacity             $ 250,000,000          
Federal funds lines of credit, number of banks | bank             5          
Secured lines of credit                        
Debt Instrument [Line Items]                        
Maximum borrowing capacity             $ 150,000,000          
Borrowings, subordinated notes and debentures             0 0        
Unsecured line of credit                        
Debt Instrument [Line Items]                        
Maximum borrowing capacity             110,000,000          
Borrowings, subordinated notes and debentures             0 $ 0        
Subordinated loans                        
Debt Instrument [Line Items]                        
Borrowings, subordinated notes and debentures             $ 7,400,000          
Subordinated notes       $ 7,500,000                
Subordinated notes maturity (in months)       15 months                
Effective rate (as percent)       6.25%                
Repayment of subordinated loans                   $ 100,000    
Subordinated notes                        
Debt Instrument [Line Items]                        
Subordinated notes           $ 150,000,000           $ 175,000,000
Repayment of subordinated loans $ 1,400,000 $ 9,200,000 $ 2,600,000                  
Borrowings interest rate (as percent)                       4.875%
Basis spread on variable rate           2.27%            
Debt instrument, repurchased face amount 1,500,000 9,500,000 3,000,000                  
Gain (loss) on extinguishment $ 100,000 $ 200,000 $ 400,000                  
Percentage of principal amount redeemed           4.00%            
Subordinated notes | Forecast                        
Debt Instrument [Line Items]                        
Basis spread on variable rate                     4.76%  
Junior subordinated debentures                        
Debt Instrument [Line Items]                        
Effective rate (as percent)             6.99%          
Basis spread on variable rate             0.26%          
Trust preferred securities         $ 5,000,000              
Borrowings, subordinated notes and debentures             $ 5,200,000          
Basis margin on variable rate             0.024          
v3.25.2
INCOME TAXES - SCHEDULE OF PROVISION FOR INCOME TAXES (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Current:      
Federal $ 130,062 $ 98,814 $ 89,839
State 78,381 53,525 54,326
Current income taxes 208,443 152,339 144,165
Deferred:      
Federal (25,702) 17,501 (13,084)
State (2,254) 15,633 (6,502)
Deferred income taxes (27,956) 33,134 (19,586)
Total $ 180,487 $ 185,473 $ 124,579
v3.25.2
INCOME TAXES - SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION (Details)
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Income Tax Disclosure [Abstract]      
Statutory federal tax rate 21.00% 21.00% 21.00%
Increase (decrease) resulting from:      
State taxes—net of federal tax benefit 8.86% 8.90% 9.04%
Tax credits (0.43%) (0.58%) (0.45%)
Non-taxable income (0.15%) (0.08%) (0.03%)
Excess benefit RSU vesting (0.97%) (0.42%) (0.41%)
Uncertain tax positions 1.29% 0.88% 0.39%
Other (0.18%) (0.51%) (0.69%)
Effective tax rate 29.42% 29.19% 28.85%
v3.25.2
INCOME TAXES - SCHEDULE OF NET DEFERRED TAX ASSET (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Deferred tax assets:    
Allowance for credit losses $ 91,922 $ 96,275
Lease liability 16,650 21,400
Accrued compensation 3,306 9,783
Stock-based compensation expense 8,134 8,282
Litigation accrual 0 5,324
Nonaccrual loan interest income 8,419 9,034
Unrealized net losses on securities 0 1,079
Depreciation and amortization 5,090 0
Net operating loss carryforward 1,021 1,160
State taxes 5,967 4,282
Securities impaired 236 273
Other DTA 37 0
Total deferred tax assets 140,782 156,892
Deferred tax liabilities:    
Basis difference in acquired loans (43,773) (78,034)
Operating lease right-of-use asset (15,002) (19,406)
Unrealized net gain securities (160) 0
Depreciation and amortization 0 (4,679)
Other assets—prepaids (2,532) (2,183)
FHLB stock dividend (738) (852)
Total deferred tax liabilities (62,205) (105,154)
Net deferred tax asset 78,577 51,738
Valuation allowance (70) (70)
Net deferred tax asset, net of valuation allowance $ 78,507 $ 51,668
v3.25.2
INCOME TAXES - NARRATIVE (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating Loss Carryforwards [Line Items]    
Net operating loss carryforward $ 1,021 $ 1,160
Unrecognized tax benefits 19,600 11,600
Interest and penalties 100 (100)
Interest and penalties accrued $ 600 $ 500
Income taxes, refund reserve percentage 100.00% 100.00%
California Franchise Tax Board    
Operating Loss Carryforwards [Line Items]    
Deferred tax assets, revaluation $ 5,500  
Federal    
Operating Loss Carryforwards [Line Items]    
Net operating loss carryforward 3,500  
Operating loss carryforward, annual 382 limitation 100  
State    
Operating Loss Carryforwards [Line Items]    
Net operating loss carryforward 3,000  
Operating loss carryforward, annual 382 limitation 100  
Operating loss carryforward, subject to limitation 700  
Operating loss carryforward 700  
Valuation allowance $ 100  
v3.25.2
INCOME TAXES - SCHEDULE OF UNRECOGNIZED TAX BENEFITS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]    
Balance—beginning of period $ 14,089 $ 6,924
Additions—current year tax positions 11,156 8,709
Additions—prior year tax positions 0 0
Reductions—prior year tax positions (1,633) (1,544)
Total liability for unrecognized tax positions—end of period $ 23,612 $ 14,089
v3.25.2
STOCKHOLDERS' EQUITY - NARRATIVE (Details) - Common Stock - USD ($)
 5 Months Ended
Jun. 30, 2025
May 12, 2025
Jan. 28, 2025
Feb. 12, 2024
Apr. 27, 2023
Class of Stock [Line Items]          
Stock repurchased program, authorized amount   $ 100,000,000   $ 100,000,000 $ 100,000,000
Remaining authorized repurchase amount $ 148,100,000        
Stock offering, aggregate offering price     $ 150,000,000    
Stock offering, shares Issued (in shares) 0        
v3.25.2
STOCKHOLDERS’ EQUITY - SCHEDULE OF COMMON STOCK REPURCHASES (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total repurchase $ 58,450 $ 97,023 $ 49,258
Common Stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total repurchase $ 58,450 $ 97,023  
Number of shares repurchased (in shares) 951,927 2,541,254,000  
Average price paid per share (in dollars per share) $ 61.40 $ 38.18  
v3.25.2
STOCKHOLDERS’ EQUITY - SCHEDULE OF ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stockholders' equity, beginning balance $ 2,290,596 $ 1,917,159 $ 1,642,973
Other comprehensive income/(loss) 2,814 4,144 (3,677)
Stockholders' equity, ending balance 2,680,677 2,290,596 1,917,159
Unrealized gain (loss) on available-for-sale securities      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stockholders' equity, beginning balance (2,466) (6,610) (2,933)
Other comprehensive income/(loss) 1,686 4,144 (3,677)
Stockholders' equity, ending balance (780) (2,466) (6,610)
Cash flow hedges      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stockholders' equity, beginning balance 0 0 0
Other comprehensive income/(loss) 1,128 0 0
Stockholders' equity, ending balance 1,128 0 0
Accumulated other comprehensive income      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stockholders' equity, beginning balance (2,466) (6,610) (2,933)
Other comprehensive income/(loss) 2,814 4,144 (3,677)
Stockholders' equity, ending balance $ 348 $ (2,466) $ (6,610)
v3.25.2
STOCKHOLDERS’ EQUITY - SCHEDULE OF PRE-TAX AND AFTER-TAX CHANGES (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Equity [Abstract]      
Net unrealized gains/(losses) arising during the period, Pre-tax $ 2,372 $ 5,931 $ (5,252)
Reclassification adjustment for realized (gains)/losses included in net income, Pre-tax 0 0 0
Net change, Pre-tax 2,372 5,931 (5,252)
Net unrealized gains/(losses) arising during the period, Tax effect (686) (1,787) 1,575
Reclassification adjustment for realized (gains)/losses included in net income, Tax effect 0 0 0
Net change, Tax effect (686) (1,787) 1,575
Net unrealized gains/(losses) arising during the period, After-tax 1,686 4,144 (3,677)
Reclassification adjustment for realized (gains)/losses included in net income, After-tax 0 0 0
Net change, After-tax 1,686 4,144 (3,677)
Net unrealized gains/(losses) arising during the period, Pre-tax 5,448 0 0
Amounts reclassified from AOCI to income (3,749) 0 0
Total change in OCI for period 1,699 0 0
Net unrealized gains/(losses) arising during the period, Tax effect (1,828) 0 0
Reclassification adjustment for realized (gains)/losses included in net income, Tax effect 1,257 0 0
Net change, Tax effect (571) 0 0
Net unrealized gains/(losses) arising during the period, After-tax 3,620 0 0
Reclassification adjustment for realized (gains)/losses included in net income, After-tax (2,492) 0 0
Net change, After-tax 1,128 0 0
Total other comprehensive income/(loss), Pre-tax 4,071 5,931 (5,252)
Total other comprehensive income/(loss), Tax effect (1,257) (1,787) 1,575
Total other comprehensive income/(loss), After tax $ 2,814 $ 4,144 $ (3,677)
v3.25.2
STOCK-BASED COMPENSATION - NARRATIVE (Details)
$ in Millions
 12 Months Ended 96 Months Ended
Jul. 01, 2017
USD ($)
tranche
Jun. 30, 2025
USD ($)
shares
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2025
USD ($)
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock compensation   $ 35.5 $ 30.7 $ 26.1  
Tax benefit from stock-based compensation expense   10.4 9.0 7.5  
Total fair value of shares vested in the period   $ 60.6      
Stock Incentive Plan, 2014          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of shares authorized (in shares) | shares   6,680,000,000     6,680,000,000
Dilutive effect of average unvested RSUs          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting (in years)   3 years      
Vesting (as percent)   33.00%      
Dilutive effect of average unvested RSUs | Chief Executive Officer          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Employment agreement period (in years)         5 years
Estimated fair value of non-vested awards $ 20.5        
Number of vesting tranches during requisite service period | tranche 5        
Requisite service period of equity-based award agreement based on service and market conditions (in years) 9 years        
Employment renewal period (in years)         1 year
Equity awards, estimated fair value   $ 8.8 $ 9.4 $ 5.2  
Dilutive effect of average unvested RSUs | Chief Executive Officer | Year One          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Restricted shares grants, annual vesting percentage       25.00%  
Dilutive effect of average unvested RSUs | Chief Executive Officer | Year Two          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Restricted shares grants, annual vesting percentage       25.00%  
Dilutive effect of average unvested RSUs | Chief Executive Officer | Year Three          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Restricted shares grants, annual vesting percentage       25.00%  
Dilutive effect of average unvested RSUs | Chief Executive Officer | Year Four          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Restricted shares grants, annual vesting percentage       25.00%  
Dilutive effect of average unvested RSUs | Employees and Directors | Year One          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Restricted shares grants, annual vesting percentage   33.30% 33.30% 33.30%  
Dilutive effect of average unvested RSUs | Employees and Directors | Year Two          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Restricted shares grants, annual vesting percentage   33.30% 33.30% 33.30%  
Dilutive effect of average unvested RSUs | Employees and Directors | Year Three          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Restricted shares grants, annual vesting percentage   33.30% 33.30% 33.30%  
Dilutive effect of average unvested RSUs | Stock Incentive Plan, 2014          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of shares available for issuance (in shares) | shares   1,191,861,000     1,191,861,000
Unrecognized compensation expense related to non-vested awards   $ 63.6     $ 63.6
Weighted average contractual term   1 year 3 months 18 days      
Renewed RSU | Chief Executive Officer          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Historical daily trading history term, equity volatility (in years)   1 year 6 months      
Unrecognized compensation expense related to non-vested awards   $ 16.3     $ 16.3
v3.25.2
STOCK-BASED COMPENSATION - SCHEDULE OF CHANGES IN RESTRICTED STOCK UNIT GRANTS (Details) - Dilutive effect of average unvested RSUs
 12 Months Ended
Jun. 30, 2025
$ / shares
shares
RSUs  
Non-vested, beginning balance (in shares) | shares 1,541,194
Granted (in shares) | shares 1,014,356
Vested (in shares) | shares (880,010)
Forfeitures (in shares) | shares (111,524)
Non-vested, ending balance (in shares) | shares 1,564,016
Weighted-Average Grant-Date Fair Value  
Non-vested, beginning balance (in dollars per share) | $ / shares $ 43.95
Granted (in dollars per share) | $ / shares 63.94
Vested (in dollars per share) | $ / shares 46.38
Forfeitures (in dollars per share) | $ / shares 49.66
Non-vested, ending balance (in dollars per share) | $ / shares $ 55.50
v3.25.2
EARNINGS PER COMMON SHARE (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Earnings Per Common Share      
Net income $ 432,908 $ 450,008 $ 307,165
Average common shares issued and outstanding (in shares) 56,862,630 57,509,029 59,691,541
Earnings per common share (in dollars per share) $ 7.61 $ 7.82 $ 5.15
Diluted Earnings Per Common Share      
Net income $ 432,908 $ 450,008 $ 307,165
Average common shares issued and outstanding (in shares) 56,862,630 57,509,029 59,691,541
Average dilutive common shares outstanding (in shares) 58,241,421 58,725,636 60,566,854
Diluted earnings per common share (in dollars per share) $ 7.43 $ 7.66 $ 5.07
Weighted average antidilutive common stock equivalents (excluded from the computation of EPS) (in shares) 6,192 9,744 4,505
Dilutive effect of average unvested RSUs      
Diluted Earnings Per Common Share      
Dilutive effect of average unvested RSUs (in shares) 1,378,791 1,216,607 875,313
v3.25.2
COMMITMENTS, CONTINGENCIES AND OFF-BALANCE-SHEET ACTIVITIES - SCHEDULE OF OFF-BALANCE SHEET COMMITMENTS (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Commitments to fund loans  
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]  
Off-balance-sheet commitments $ 5,575,685
Commitments to sell loans  
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]  
Off-balance-sheet commitments 6,166
Commitments to contribute capital - Non-LIHTC  
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]  
Off-balance-sheet commitments 3,514
Standby letters of credit  
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]  
Off-balance-sheet commitments $ 9,225
v3.25.2
COMMITMENTS, CONTINGENCIES AND OFF-BALANCE-SHEET ACTIVITIES - NARRATIVE (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
lawsuit
Jun. 30, 2024
USD ($)
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]    
Available securities used as collateral for securities loaned $ 139,426 $ 74,177
Available securities used as collateral for bank loans 146,700  
Available securities used as collateral for OCC margin requirements 52,000  
Available securities used as collateral for OCC margin requirements $ 29,500  
Number of pending punitive class action lawsuits | lawsuit 3  
Provision for credit losses - unfunded lending commitments | Low Income Housing Tax Credits    
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]    
Commitments to contribute capital $ 47,400  
v3.25.2
REGULATORY CAPITAL REQUIREMENTS - NARRATIVE (Details)
Jun. 30, 2025
Banking Regulation, Minimum Regulatory Capital Requirements [Abstract]  
Tier 1 leverage (core) capital to adjusted average assets, minimum capital ratio 0.0400
Common equity tier 1 capital (to risk-weighted assets), minimum capital ratio 4.50%
Tier 1 capital (to risk-weighted assets), minimum capital ratio 0.0600
Total capital (to risk-weighted assets), minimum capital ratio 0.0800
Tier 1 leverage (core) capital to adjusted average assets, well capitalized ratio 0.0500
Common equity tier 1 capital (to risk-weighted assets), well capitalized ratio 6.50%
Tier 1 capital (to risk-weighted assets), well capitalized ratio 0.0800
Total capital (to risk-weighted assets), well capitalized ratio 0.1000
Minimum tier 1 capital ratio 1.50%
Common equity tier 1 capital (to risk-weighted assets), minimum capital ratio, inclusive of the capital conservation buffer requirement 7.00%
Tier 1 capital (to risk-weighted assets), minimum capital ratio, inclusive of the capital conservation buffer requirement 8.50%
Total capital (to risk-weighted assets), minimum capital ratio, inclusive of the capital conservation buffer requirement 10.50%
v3.25.2
REGULATORY CAPITAL REQUIREMENTS - SCHEDULE OF CAPITAL AMOUNTS, RATIOS, AND REQUIREMENTS UNDER BASEL III (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Regulatory Capital:    
Tier 1 $ 2,554,071 $ 2,167,781
Common equity tier 1 2,554,071 2,167,781
Total capital 3,117,763 2,678,489
Assets:    
Average adjusted 23,813,242 22,979,871
Total risk-weighted $ 20,404,204 $ 18,049,571
Regulatory Capital Ratios:    
Tier 1 leverage (to adjusted average assets), Ratio 0.1073 0.0943
Tier 1 leverage (to adjusted average assets), Well Capitalized Ratio 0.0500  
Tier 1 leverage (to adjusted average assets), Minimum Capital Ratio 0.0400  
Common equity tier 1 capital (to risk-weighted assets), Ratio 12.52% 12.01%
Common equity tier 1 capital (to risk-weighted assets), Well Capitalized Ratio 6.50%  
Common equity tier 1 capital (to risk-weighted assets), Minimum Capital Ratio 4.50%  
Tier 1 capital (to risk-weighted assets), Ratio 0.1252 0.1201
Tier 1 capital (to risk-weighted assets), Well Capitalized Ratio 0.0800  
Tier 1 capital (to risk-weighted assets), Minimum Capital Ratio 0.0600  
Total capital (to risk-weighted assets), Ratio 0.1528 0.1484
Total capital (to risk-weighted assets), Well Capitalized Ratio 0.1000  
Total capital (to risk-weighted assets), Minimum Capital Ratio 0.0800  
Axos Bank    
Regulatory Capital:    
Tier 1 $ 2,360,284 $ 2,181,426
Common equity tier 1 2,360,284 2,181,426
Total capital 2,603,589 2,365,061
Assets:    
Average adjusted 23,077,089 22,391,541
Total risk-weighted $ 19,003,094 $ 17,128,880
Regulatory Capital Ratios:    
Tier 1 leverage (to adjusted average assets), Ratio 0.1023 0.0974
Common equity tier 1 capital (to risk-weighted assets), Ratio 12.42% 12.74%
Tier 1 capital (to risk-weighted assets), Ratio 0.1242 0.1274
Total capital (to risk-weighted assets), Ratio 0.1370 0.1381
v3.25.2
REGULATORY CAPITAL REQUIREMENTS - SCHEDULE OF NET CAPITAL POSITION (Details) - Axos Clearing - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Net capital $ 86,996 $ 101,462
Excess Capital $ 81,834 $ 96,654
Net capital as a percentage of aggregate debit items 33.71% 42.21%
Net capital in excess of 5% aggregate debit items $ 74,091 $ 89,442
v3.25.2
EMPLOYEE BENEFIT PLAN (Details) - 401(k) Plan
$ in Millions
 12 Months Ended
Jun. 30, 2025
USD ($)
plan
shares
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Defined Benefit Plan Disclosure [Line Items]      
401(k) plan, number of plans | plan 1    
401(k) plan, maximum employee annual contribution 100.00%    
401(k) plan expense $ 6.5 $ 4.5 $ 3.5
Number of shares available for issuance (in shares) | shares 57,947    
Fair market value of employer contribution $ 4.0    
v3.25.2
PARENT-ONLY CONDENSED FINANCIAL INFORMATION - CONDENSED BALANCE SHEETS (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
ASSETS        
Cash and cash equivalents $ 1,933,845 $ 1,979,979    
Other assets 891,446 779,837    
TOTAL ASSETS 24,783,078 22,855,334    
LIABILITIES AND STOCKHOLDERS’ EQUITY        
Borrowings, subordinated notes and debentures 312,671 325,679    
Accounts payable and other liabilities 410,155 414,538    
Total liabilities 22,102,401 20,564,738    
Stockholders’ equity 2,680,677 2,290,596 $ 1,917,159 $ 1,642,973
Total liabilities and stockholders’ equity 24,783,078 22,855,334    
Parent        
ASSETS        
Cash and cash equivalents 185,865 109,610    
Securities 68,749 78,321    
Advances to non-bank subsidiaries 0 3,000    
Other assets 126,611 68,321    
Investment in bank subsidiaries 2,477,715 2,241,746    
Investment in non-bank subsidiaries 352,630 216,164    
TOTAL ASSETS 3,211,570 2,717,162    
LIABILITIES AND STOCKHOLDERS’ EQUITY        
Borrowings, subordinated notes and debentures 312,671 325,679    
Accounts payable and other liabilities 218,222 100,887    
Total liabilities 530,893 426,566    
Stockholders’ equity 2,680,677 2,290,596    
Total liabilities and stockholders’ equity $ 3,211,570 $ 2,717,162    
v3.25.2
PARENT-ONLY CONDENSED FINANCIAL INFORMATION - CONDENSED STATEMENTS OF INCOME (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Condensed Financial Statements, Captions [Line Items]      
Net interest income $ 1,127,772 $ 961,429 $ 783,121
Net interest income, after provision for credit losses 1,072,027 928,929 758,871
Non-interest income (loss) 131,066 222,660 120,488
NET INCOME 432,908 450,008 307,165
Comprehensive income 435,722 454,152 303,488
Income tax benefit (180,487) (185,473) (124,579)
Parent      
Condensed Financial Statements, Captions [Line Items]      
Interest income 7,388 4,279 1,656
Interest expense 14,827 15,990 15,909
Net interest income (7,439) (11,711) (14,253)
Provision for loan losses 2,575 (184) 0
Net interest income, after provision for credit losses (10,014) (11,527) (14,253)
Non-interest income (loss) 15,727 13,247 11,448
Non-interest expense and tax benefit 56,078 31,366 15,866
Income (loss) before dividends from subsidiary and equity in undistributed income of subsidiaries (50,365) (29,646) (18,671)
Dividends from bank subsidiaries 160,000 120,000 45,000
Dividends from non-bank subsidiaries 35,000 26,000 13,750
Equity in undistributed earnings of subsidiaries 288,273 333,654 267,086
NET INCOME 432,908 450,008 307,165
Comprehensive income 435,722 454,152 303,488
Income tax benefit $ (10,300) $ 6,400 $ 11,900
v3.25.2
PARENT-ONLY CONDENSED FINANCIAL INFORMATION - STATEMENTS OF CASH FLOWS (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 432,908 $ 450,008 $ 307,165
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation, amortization and accretion 29,019 27,086 23,387
Stock-based compensation expense 41,971 35,194 26,100
Decrease (increase) in other assets 18,506 (114,040) (11,984)
Net cash provided by (used in) operating activities 490,331 305,477 196,706
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of investments (1,001) (20,351) 0
Purchases of loans, net of discounts or premiums (55,664) 0 0
Purchases of furniture, equipment, software and intangibles (54,213) (35,961) (30,215)
Net cash provided by (used in) investing activities (1,841,067) (2,589,280) (2,399,098)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Payments related to settlement of restricted stock units (27,640) (16,192) (6,144)
Purchase of treasury stock (58,203) (96,286) (48,963)
Repurchase of subordinated notes (13,169) (8,938) 0
Net cash provided by (used in) financing activities 1,341,314 2,087,493 3,009,779
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (9,422) (196,310) 807,387
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Beginning of year 2,185,776 2,382,086 1,574,699
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—End of year 2,176,354 2,185,776 2,382,086
Parent      
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income 432,908 450,008 307,165
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation, amortization and accretion 24,499 9,532 12,383
Stock-based compensation expense 41,970 35,194 26,100
Equity in undistributed earnings of subsidiaries (288,273) (333,654) (267,086)
Decrease (increase) in other assets (4,235) 15,849 (3,448)
Increase (decrease) in other liabilities 111,982 (17,922) (1,069)
Net cash provided by (used in) operating activities 318,851 159,007 74,045
CASH FLOWS FROM INVESTING ACTIVITIES:      
Proceeds from principal repayments on loans 5,051 5,000 25,000
Purchases of furniture, equipment, software and intangibles (18,650) (5,378) (805)
Investment in subsidiaries (73,320) (23,200) (25,825)
Net cash provided by (used in) investing activities (143,584) (43,929) (1,630)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Payments related to settlement of restricted stock units (27,640) (16,192) (6,144)
Purchase of treasury stock (58,203) (96,286) (48,963)
Repurchase of subordinated notes (13,169) (8,938) 0
Net cash provided by (used in) financing activities (99,012) (121,416) (55,107)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 76,255 (6,338) 17,308
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Beginning of year 109,610 115,948 98,640
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—End of year $ 185,865 $ 109,610 $ 115,948
v3.25.2
SEGMENT REPORTING (Details)
$ in Thousands
 12 Months Ended
Jun. 30, 2025
USD ($)
entity
segment
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Segment Reporting [Abstract]      
Number of operating segments | segment 2    
Segment Reporting Information [Line Items]      
Number of lending-related trust entities | entity 3    
Net interest income $ 1,127,772 $ 961,429 $ 783,121
Provision for credit losses 55,745 32,500 24,250
Non-interest income 131,066 222,660 120,488
Salaries and related costs 297,955 250,873 204,271
Other segment items 291,743 265,235 243,344
Total non-interest expense 589,698 516,108 447,615
INCOME BEFORE INCOME TAXES 613,395 635,481 431,744
Goodwill 97,673 97,673 97,673
Total Assets $ 24,783,078 22,855,334  
Banking Business Segment      
Segment Reporting Information [Line Items]      
Number of lending-related trust entities | entity 3    
Operating Segments | Banking Business Segment      
Segment Reporting Information [Line Items]      
Net interest income $ 1,114,173 950,832 776,294
Provision for credit losses 55,745 32,500 24,250
Non-interest income 46,430 139,071 42,260
Salaries and related costs 207,911 177,065 144,864
Other segment items 265,634 241,630 246,547
Total non-interest expense 473,545 418,695 391,411
INCOME BEFORE INCOME TAXES 631,313 638,708 402,893
Goodwill 35,721 35,721  
Total Assets 23,988,748 22,165,627  
Operating Segments | Securities Business Segment      
Segment Reporting Information [Line Items]      
Net interest income 28,431 26,207 21,042
Provision for credit losses 0 0 0
Non-interest income 119,138 129,020 141,107
Salaries and related costs 59,439 55,954 47,566
Other segment items 55,188 59,137 55,006
Total non-interest expense 114,627 115,091 102,572
INCOME BEFORE INCOME TAXES 32,942 40,136 59,577
Goodwill 59,953 59,953  
Total Assets 751,820 649,254  
Corporate/Eliminations      
Segment Reporting Information [Line Items]      
Net interest income (14,832) (15,610) (14,215)
Provision for credit losses 0 0 0
Non-interest income (34,502) (45,431) (62,879)
Salaries and related costs 30,605 17,854 11,841
Other segment items (29,079) (35,532) (58,209)
Total non-interest expense 1,526 (17,678) (46,368)
INCOME BEFORE INCOME TAXES (50,860) (43,363) $ (30,726)
Goodwill 1,999 1,999  
Total Assets $ 42,510 $ 40,453